## Answers

Amount Deposited 8 Years ago = X = $100000

Interest Rate = r = 10%

Number of Years = m = 8

Value of Investment now = PV = X(1+r)^{m} = 100000(1+0.10)^{8} = $214358.881

Let the amount withdrawn each year be P

Number of withdrawals = n = 15

Present Value of the amount = PV = $214358.881

Interest Rate = r = 10%

The present value of all the future withdrawals should be equal to the present value of the amount

=> PV = P/(1+r) + P/(1+r)^{2} +....+ P/(1+r)^{n} = P[1- (1+r)^{-n}]/r

=> 214358.881 = P[1- (1+0.10)^{-15}]/0.10

=> P = 214358.881*0.10/[1- (1+0.10)^{-15}] = $28182.57

Hence **$28,182.57** can be withdrawn each year

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