You have accumulated some money for your retirement. You are going to withdraw $61,746 every year...

The amount of money you have accumulated is the present value of the future withdrawals. We can use the following formula to compute the present value of an annuity with periodic payment {eq}M {/eq} for {eq}T{/eq} periods, given periodic return {eq}r{/eq}:

• {eq}\displaystyle \frac{M(1 - (1 + r)^{-T})}{r} {/eq}

Applying the formula, the amount of money you have accumulate is:

• {eq}\displaystyle \frac{61,746(1 - (1 + 11.89\%)^{-28})}{11.89\%} = 496,960.665 {/eq}