Janet woo decided to retire to florida in 6 years. what amount should janet invest today so she can withdraw $51,500 at the end of each year for 20 years after she retires? assume janet can invest money at 6% compounded annually. (use the table 13.2 and table 12.3.) present value ? ?

$293,562.707

Step-by-step explanation:

As for the provided details we know,

Janet needs $51,500 from end of 7th year for upcoming 20 years.

The present value of 20 installments of $51,500 shall be @ 6% from year 7 to year 8.0858

Thus total value = $51,500 8.0858 = $416,418.7

Now the compound interest factor for 6 year @ 6 % = 1.4185

Thus, value to be invested today = $416,418.70/1.4185 = $293,562.707

As this when compounded annually will provide the balance as required at the end of 6 years.

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