Solved: What is the amount of annual withdrawals, Financial Accounting

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What is the amount of annual withdrawals

Response to the following problems:

1. If $80,000 is invested in a fund on December 31, 2010, what is the amount of each of six annual withdrawals starting on December 31, 2011 that would deplete the fund if the interest rate earned in the fund is 10% compounded annually?

2. If $90,000 is invested in a fund on December 31, 2010 and five equal annual withdrawals of $23,138.32 are made starting on December 31, 2011 that will deplete the fund, what is the interest rate being earned if interest is compounded annually?

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Financial Accounting: What is the amount of annual withdrawals

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