You have accumulated some money for your retirement. You are going to withdraw $45,000 every year at

Question:

You have accumulated some money for your retirement. You are going to withdraw $45,000 every year at the end of the year for the next 20 years. How much money have you accumulated for your retirement? Your account pays you 7.5% percent per year compounded annually? To answer this question, you have to find the present value of these cash flows.