Goodwin Cross
08/05/2024 · Elementary School
You want to be able to withdraw \( \$ 50,000 \) each year for 20 years. Your account earns \( 6 \% \) interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?
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a) You need $573,496.06 at the beginning.
b) You will withdraw $1,000,000 in total.
c) The interest is about $426,503.94.
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