Now Bob knows that he will have \$2,163,101 in his inheritance fund,...

Question

# Now Bob knows that he will have \$2,163,101 in his inheritance fund,...

Now Bob knows that he will have \$2,163,101 in his inheritance fund, when he will reach age sixty-five. He would like to know how much he could withdraw from the fund in equal installments at the end of each year from the year he reaches age 65 until he reaches age 70½, the year he must start withdrawing funds from his individual retirement account (IRA). Bob assumes the funds will continue to earn at a 3.48 percent annual rate. In other words, Bob would like to know the annual year-end payment from a six-year annuity (from age 65 to the year he will be 70½), earning 3.48 percent annually on a principal sum of \$2,163,101.

Round the answer to two decimal places.

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