Multiple Choice
The solution to this problem requires time value of money calculations.Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. Mackie's individual retirement account (IRA) currently has a balance of $100,000 and is earning 6%.Beginning one year from today, what equal annual amounts can be withdrawn from the IRA for 10 years so that the balance after the tenth withdrawal is zero?
A) $10,000
B) $12,950
C) $13,587
D) $14,237
Correct Answer:
Verified
Correct Answer:
Verified
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