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    Answered - A Man Has Deposited 50 000 in A - Bartleby

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    Piere Carlo Dimalig
    A man deposited ₱50,000 into a retirement plan that pays 9% annual interest compounded annually. To calculate the maximum amount he can withdraw each year and have the funds last 12 years, the document shows the calculation of taking 9% of the remaining principal each year. The calculation determines that the maximum withdrawal amount each year is ₱7,338.

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    Answered - A Man Has Deposited 50 000 in A - Bartleby

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    Piere Carlo Dimalig
    45 views1 page
    A man deposited ₱50,000 into a retirement plan that pays 9% annual interest compounded annually. To calculate the maximum amount he can withdraw each year and have the funds last 12 years, the document shows the calculation of taking 9% of the remaining principal each year. The calculation determines that the maximum withdrawal amount each year is ₱7,338.

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    A man deposited ₱50,000 into a retirement plan that pays 9% annual interest compounded annually. To calculate the maximum amount he can withdraw each year and have the funds last 12 years, the document shows the calculation of taking 9% of the remaining principal each year. The calculation determines that the maximum withdrawal amount each year is ₱7,338.

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    © All Rights Reserved
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    45 views1 page

    Answered - A Man Has Deposited 50 000 in A - Bartleby

    Uploaded by

    Piere Carlo Dimalig
    A man deposited ₱50,000 into a retirement plan that pays 9% annual interest compounded annually. To calculate the maximum amount he can withdraw each year and have the funds last 12 years, the document shows the calculation of taking 9% of the remaining principal each year. The calculation determines that the maximum withdrawal amount each year is ₱7,338.

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    © All Rights Reserved
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    Business » Economics » Q&A Library » A man has deposited ₱50 000 in a retirement income plan with a local bank. This bank pays 9% per year, compounded ann…

    Question

    A man has deposited ₱50 000 in a retirement income plan with a local bank. This bank pays 9% per year, compounded annually, on such deposits. What is the
    maximum amount the man can withdraw at the end of each year and still have the funds last for 12 years?

    check_circle Expert Answer thumb_up thumb_down

    Given information

    Step 2

    The maximum amount the man can withdraw at the end of each year can be calculated as follows.

    The calculated value shows the depositor can withdraw $7,338 each year till 12 years.

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