You have accumulated $800,000 for your retirement. How much money can you withdraw in equal annual beginning-of-the-year cash flows if you invest the money at a rate of 7% for thirty years?
A) $64,469.12
B) $60,251.52
C) $8,469.12
D) $9,061.96
Answer: B
Explanation: B)
PMT = PV / × (1 + r)1 = $800,000 / × (1.07)1 = $60,251.52.
MODE = BEGIN
INPUT 30 7 -800,000 ? 0
KEY N I/Y PV PMT FV
CPT 60,251.52
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