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solution

Construct the cash flow diagram. Assume the investor can earn 8% (compounded annually) on
his investments, which is a fairly reasonable assumption for a stock index fund.

Calculate the annual payments the investor can expect after reaching age 70 (A(71-91)).

Calculate the how much the annual payment would be in today’s dollars (PWA), assuming an
inflation rate of 3%.

John graduates from UWP at age 22 and is unable to find a job in the down economy. Five years later, he
is finally employed, but it takes another 15 years to pay back the loans he ran up after college. At age 42
(EOY42), John begins planning for retirement. For 5 years (EOY42-EOY46), he sets aside $2000 each
year. Then he is laid off. At age 50 he secures an excellent job. He begins saving $5,000 at age 51
(EOY51). He increases this investment by $100 each of the following years. He retires at age 70
(EOY70). Calculate the uniform amount he can withdraw each year from age 71 to age 90 to finance his
retirement.

Solution:

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