gabbyyonce7649 gabbyyonce7649

14-02-2020
Engineering

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Suppose that on your 21st birthday you are given a $1,000,000 trust fund. If you can earn 4% in annual compound interest, how much money can you withdraw each year to ensure that if there is money in the account forever

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DeniceSandidge DeniceSandidge

17-02-2020

Answer:

annual payment = $40000

Explanation:

given data

annual compound interest = 4%

fund value = $1,000,000

to find out

annual payment

solution

we get here annual payment that is express as

annual payment = fund value × annual compound interest ..................1

put here value we get

annual payment = 4% × $1,000,000

annual payment = 0.04 × $1,000,000

annual payment = $40000

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