Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. advance math
  3. bit of a math problem. so if i retire at age 65 an

bit of a math problem. so if I retire at age 65 and withdraw 50,000 dollars...

60.1K

Verified Solution

Question

Advance Math

bit of a math problem. so if I retire at age 65 and withdraw50,000 dollars from my 401k every year until I die at age 72, andthere is an inflation rate of 2%, how much money do I need toinitially be in my 401k to make it to my death without goingbroke?

Having trouble thinking of what formula to use because compoundinterest using the inflation rate is one thing but I'm not surewhat to do about the 50,000 plus whatever interest that i wouldkeep dishing out each year.

Answer & Explanation Solved by verified expert
4.3 Ratings (775 Votes)
To answer your query let us look at the problem in a differentwayInstead of withdrawing the the amount each year assume you wereto add 50000 to the    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

3. Where in the cell does TRANSCRIPTION occur? A. nucleus B. mitochondria C. chloroplast D. All of...

Advance Math
1.2K views

Which of the following sets are rings with respect to the usual operations of addition and...

Biology
1.2K views

For this discussion you should identify a company or field in which you would like...

Biology
1.2K views

What context can you add to your introduction What is happening in the world at...

Statistics
1.2K views

Fill in the blank to complete the statement below The The Vis are a subset...

Accounting
1.2K views

A- B- Clonex Labs, Inc., uses a process costing...

Accounting
1.2K views

Which of the following may change partnership book values of assets? PICK ALL...

Accounting
1.2K views

Sep 12, 2021 at 4:52 PM Generally accepted accounting principles require...

Accounting
1.2K views

El 1 de enero de 2004, Barry, Inc. tiene un inventario inicial de 4000 aparatos....

Accounting
1.2K views

Oak Mart, a producer of solid oak tables, reports the following data from its second...

Finance
1.2K views

What is corporate governance? What characteristics of the board of directors usually lead to effective...

Accounting
1.2K views

Prepare adjusting journal entries for the dog training business for the period ended December 31....