Prof. Business will have $1,600,000 saved up by retirement at age 65. The retired professor expects to live 20 more years after retiring. How large of an annual annuity withdrawal can Prof. Finance make at the beginning of each year under this scenario from an account paying 6.5% compounded annually?
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![PMT = PV[\frac{r}{1-(1+r)^{-n}} ][\frac{1}{1+r} ]\\=1,600,000[\frac{0.065}{1-(1+0.065)^{-20}} ][\frac{1}{1+0.065} ]\\=1,600,000[\frac{0.065}{1-0.283797} ][0.93897 ]\\=1,600,000[\frac{0.065}{0.71620} ][0.93897 ]\\=1,600,000[0.0907567719 ][0.93897 ]\\=1,600,000[0.0852178861]\\=136,348.618](/tpl/images/0509/6399/3a0cd.png)
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Prof. Business will have $1,600,000 saved up by retirement at age 65. The retired professor expects...
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