Mathematics, 26.02.2020 03:31 zahrast14
6. You are planning to retire in forty years. You will be spending $25,000 per year, starting at the end of year 41. Assume you will live for 25 years after retirement and the annual interest rate is 5%. (a) What is the present value of your total spending
Answers: 1
![Present Value = PMT [\frac{1-(1+i)^{-n}}{i}] \\= 25000 [\frac{1-(1+0.05)^{-25}}{0.05}]\\ = 25000[\frac{1-(1.05)^{-25}}{0.05}]\\=25000[\frac{1-0.2953}{0.05} ]\\=25000[\frac{0.70471418}{0.05} ]\\=25000[14.0942837]\\=352,357.093](/tpl/images/0524/4470/17d02.png)
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6. You are planning to retire in forty years. You will be spending $25,000 per year, starting at the...
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