Question

Janet Woo decided to retire to Florida in 5 years. What amount should Janet invest today so she can withdraw $45,000 at the end of each year for 20 years after she retires? Assume Janet can invest money at 5% compounded annually.

Answer 1

janet won lottery an receives $10 the 1st year. in the following years, she receives $50 more each year, (that is, janet receives $150 the second year, $200 the third, and so on) How much will she receive in total after 10 years