Tina would like to withdraw an annual salary of $35,756 from an account paying 2. 2% compounded annually for 35 years once she retires. Given this information, determine the amount needed in her account in order for her to reach her goal. Round to the nearest cent. A. $801,263. 20 b. $866,442. 02 c. $885,503. 75 d. $1,213,299. ,90.

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15-12-2021
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Tina would like to withdraw an annual salary of $35,756 from an account paying 2. 2% compounded annually for 35 years once she retires. Given this information, determine the amount needed in her account in order for her to reach her goal. Round to the nearest cent. A. $801,263. 20 b. $866,442. 02 c. $885,503. 75 d. $1,213,299. ,90.

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anthougo anthougo · Answer 1 · 2021-12-26T17:00:57+01:00

The amount Tina needed in her account now in order for her to withdraw a salary of $35,756 annually for 35 years at 2.2% interest rate is b. $866,442.

Data and Calculation:

Annual salary = $35,756

N (# of periods) = 35 years

I/Y (Interest per year) = 2.2%

PMT (Periodic Payment) = $35,756

FV (Future Value) = $0

Results:

Present Value (PV) = $866,442.02

Sum of all periodic payments = $1,251,460.00

Total Interest = $385,017.98

Thus, the amount Tina needed in her account now in order for her to withdraw a salary of $35,756 annually is b. $866,442.

Learn more about calculating present value here: https://brainly.com/question/20813161