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Find how rapidly can the withdrawals grow

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Problem 1: You have $47000 in a savings account. One year from now and every year thereafter for a total of 39 deposits, you will deposit $11000. Your money will earn 6% interest per year (annual compounding), and you wish to make annual withdrawals starting 40 years from now (one year after the last deposit) that grow at a fixed percentage rate. You want to plan for a never-ending sequence of withdrawals to fund your retirement and ensure that your lazy child (and future?descendants) will never have to work. If the first withdrawal is to be $81000, how rapidly can the withdrawals grow?

Reference no: EM132933170

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