You plan to retire in exactly 15 years and are worried aboutthe money you will have to live on during your retirement.

Requirement 1:

You currently have $100,000 in a bond account and you plan toadd $4,000 per year at the end of each of the next 15 years to theaccount. If the bond account earns a return of 5 percent per yearover the next 15 years, how much will you have in the bond accountwhen you retire? (Enter rounded answer asdirected, but do not use rounded numbers in intermediatecalculations. Round your answer to 2 decimalplaces (e.g., 32.16).)

Value of Bond Account

$

Requirement 2:

You also currently have $600,000 in a stock account. If thestock account earns a return of 8.5 percent per year over the next15 years, how much will you have in the stock account when youretire? (Enter rounded answer as directed, but do not userounded numbers in intermediate calculations. Round your answer to2 decimal places (e.g., 32.16).

Value of Stock Account

$

Requirement 3:

When you retire, you will transfer your money from the bond andstock accounts into a combined retirement account that earns 4.50percent. Your plan is to withdraw an equal amount from yourcombined account at the end of each year for the next 20 years andthen have nothing left. How much can you withdraw each year in yourretirement? (Enter rounded answer as directed, but do notuse rounded numbers in intermediate calculations. Round your answerto 2 decimal places (e.g., 32.16).

Annual Withdrawal

$