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Essay text:
We find the 20-year annuity with present value equal to the value in the account:
Present Value = annual payment ? 20-year annuity factor at 9% interest rate:
PV = annual payment
$180,000 = annual payment ? 9.129 ? Annual payment = $180,000/9.129 = $19,717
Notice that the investment account provides annual income of $19,717, which is more than the annual interest from the account. This is because Mr. Road plans to run the account down to zero by the end of his life.
So Mr. Road can spend: $19,717 + $600 + $9,000 = $29,317 per year
This is comfortably above his current living expenses, which are $2,000 per month or $24,000 annually...
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