I have $400,000 in the bank now. I plan to withdraw $20,000 at the end of...

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I have $400,000 in the bank now. I plan to withdraw $20,000 atthe end of this year. Each subsequent end of year withdrawal willincrease by 8%. If I earn 10% per year on my investments in thefirst 3 years, then 5% per year in the next 2 years, and 4% peryear in the following 3 years,
Determine how much money I will have at the end of 8years.
Determine the initial withdrawal amount at the end of this yearthat will leave me with no money at the end of 8 years using eitherSolver or Goal Seek.

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So Amount at the end of 8 See Answer

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I have $400,000 in the bank now. I plan to withdraw $20,000 atthe end of this year. Each subsequent end of year withdrawal willincrease by 8%. If I earn 10% per year on my investments in thefirst 3 years, then 5% per year in the next 2 years, and 4% peryear in the following 3 years,Determine how much money I will have at the end of 8years.Determine the initial withdrawal amount at the end of this yearthat will leave me with no money at the end of 8 years using eitherSolver or Goal Seek.