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Your grandfather is 75 years old. He has total savings of
Rs.80,000. He expects that he live for another 10 years and
will like to spend his savings by then. He places his
savings into a bank account earning 10 per cent annually.
He will draw equal amount each year- the first withdrawal
occurring one year from now in such a way that his account
balance becomes zero at the end of 10 years. How much will
be his annual withdrawal?
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Answer Posted / anjul
Present Value(PV) =80000/-
Amount (A ) =?
Interest Rat e(I) =10%
No. of Year(N) =10
PVAn = A {1+i)n-1} /{ i(1+i)n}
80000=A{1+.10)10 }/{.10(1+.10)10}
80000=A{ 1.593742/0.259374}
A =80000/ 6.144567
A = 13019.63 Yrly
| Is This Answer Correct ? | 42 Yes | 3 No |
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