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Richard Gorman is 65 years old and about to retire. He has $543,000 saved to supplement his pension and Social Security and would like to withdraw it in equal annual dollar amounts so that nothing is left after 15 years how much does he have to withdraw easier if he earns 4% on his money

if he earns 4% on his money, the amount he will have to withdraw each year is?

n 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1% 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 10.368 11.255 12.134 13.004 13.865 14 718 2% 0980 1942 2.884 3.808 4713 5.601 6.472 7.325 8. 162 8.983 9787 10.575 11.348 12.106 12.849 13.578 Present Value of an Annuity OTPVIFA) 3% 4% 5% 6% 7% 0.971 0.962 0.952 0.943 0.935 1.913 1.886 1.859 1.833 1 808 2.829 2.775 2.723 2.673 2.624 3.717 3.630 3.546 3,465 3.387 4.580 4.452 4.329 4.212 4 100 5.417 5.242 5.076 4.917 4.767 6.230 6.002 5.786 5.582 5.389 7,020 6.733 6.463 6210 5.971 7.786 7.435 7 108 6.802 6 515 8.530 8.111 7.722 7360 7.024 9.253 8.750 8.306 7887 7 499 9 954 9.385 8.863 83841 7.943 10 635 9.986 9.394 8.853 8 358 11.296 10.563 9.899 9.295 8.745 11.938 11.118 10.380 9.712 9.108 12 561 11.652 10 838 10.106 9.447 8% 0.926 1.783 2.5771 3.312 3.993 4.623 5.206 5.747 6.247 6.710 7.139 7536 7.904 8 244 8.559 8.851 9% 0.917 1:759 2531 3240 3.890 4.486 5.033 5.535 5.995 6.418 6.805 7.161 7.487 7.786 8051 8313 10% 0.909 1736 2487 3.170 3.791 4355 4.868 5.335 5.759 6 145 6.495 6.814 7 103 7.367 7.606 7824 annuity y the am 12 13 14 15 16 17 18 19 20 21 22 23 24 25 30 40 50 10 368 11 2551 12.134 13004 13 865 14.718 15562 16 398 17 226 18.046 18.857 19 660 20.456 21.243 22.023 5 ) 32 835 39. 196 9.787 10.575 11.348 12.106 12.849 13.578 14.292 14 992 15.678 16.351 17.011 17 650 18.292 18.914 19.523 22.396 27 355 31424 9.253 9.954 10.635 11.296 11.938 12.551 13.166 13 754 14.324 14 877 15.415 15 937 16.444 16.936 17.413 19.600 23.115 25.730 9.385 9.986 10.663 11.118 11.652 12.166 12.659 13.134 13 590 14029 14.451 14857 15.247 15 622 17292 19.792 21.482 8.306 8.863 9.394 9.899 10.380 10.838 11274 11 690 12.085 12 462 12 821 13.163 13 489 13 799 14 094 15372 17. 159 18 256 7.887 8.384 8.853 9.295 9712 10.106 10.477 10 828 11.158 11.470 11.764 12.042 12.303 12.550 12.783 13.765 15 046 15.762 7 499 7.943 8.358 8.745 9.108 9.447 9.763 10.059 10.336 10 594 10 11.061 11 272 11 469 11654 12 409 13332 13001 7.139 7.536 7.904 8.244 8.559 8.851 9.122 9 372 9.604 9.818 10.017 10.201 10.371 10.529 10.675 11.250 11.925 12233 6.805 7. 161 7.487 7.786 8.061 8313 8540 8.756 8.950 9129 9 292 9.442 9.500 9.707 9.823 10 274 10.757 10.962 6.495 6.814 7 103 7.367 7 606 7.824 8.022 8.201 8.365 8514 8.649 8.772 8.883 8.905 9077 9.427 9.779 9.915

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