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Andy would like to withdraw an annual salary of $45,000 from an account paying 3. 1% compounded annually for 25 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. $9,386,168. 48 b. $14,516. 13 c. $798,954. 46 d. $774,931. 58.

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abiolataiwo2015

The amount needed in her account in order for her to reach her goal. Round to the nearest cent is: d. $774,931. 58.

Using this formula

PVA=Principal [(1-rate)^time/rate]

Let plug in the formula

PVA=45000[(1-(1+0.031)^(-25))/0.031]

PVA=45000[(1-(1.031)^-25)/0.031]

PVA=45,000(1-0.4661582427091)/0.031

PVA=45000(0.533841757290/0.031)

PVA=45000(17.22070184809)

PVA=$774,931.58

Inconclusion the amount needed in her account in order for her to reach her goal. Round to the nearest cent is: d. $774,931. 58.

Learn more about compounded interest here:

https://brainly.com/question/24274034

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