Hall Martinez
05/28/2024 · Junior High School
You want to be able to withdraw \( \$ 35,000 \) each year for 20 years. Your account earns \( 6 \% \) interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? Q) How much of that money is interest? \( \$ \) Question Help: \( \$ \) Video 1
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a) You need $401,447.24 in your account at the beginning.
b) You will pull out a total of $700,000.
c) The interest earned is approximately $298,552.76.
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