1) You have been investing in an IRA since your first summer 2) Your not-so-money-savvy friend did not learn in his algebro job and your retirement account is now worth $600,000. You II class that he should have started saving as soon as possible. are 60 years old and decide it is time to retire. (Since you are His late start meant he only has $20,000 in his IRA, which not yet of age to get social security, you must rely solely on meant he couldn't retire until he could also collect social your own investments for living expenses.) Assuming that security (at the age of 67). Assume that his life expectancy your life expectancy is (at most) 20 more years, calculate the is 13 years after retirement. Calculate the amount he can amount you can withdraw each month if your account makes withdraw each month if his account (like yours) makes 5%5% compounded monthly. compounded monthly..

1. 1) You have been investing in an IRA since your first summer 2) Your not-so-money-savvy
friend did not learn in his algebro job and your retirement account is now worth $600,000. You
II class that he should have started saving as soon as possible. are 60 years old and decide it is
time to retire. (Since you are His late start meant he only has $20,000 in his IRA, which not yet
of age to get social security, you must rely solely on meant he couldn't retire until he could also
collect social your own investments for living expenses.) Assuming that security (at the age of
67). Assume that his life expectancy your life expectancy is (at most) 20 more years, calculate
the is 13 years after retirement. Calculate the amount he can amount you can withdraw each
month if your account makes withdraw each month if his account (like yours) makes 5%5%
compounded monthly. compounded monthly.