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Meeting your retirement goal

Problem:

You believe you will need to have saved $500,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 6 percent per year, how much must you save each year to meet your retirement goal?

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## Q : Determine the maximum annual withdrawal

If upon retirement in 20 years Bill plans to invest the $200,000 in a fund that earns 11 percent, what is the maximum annual withdrawal he can make