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Question: what is the equation to find the answers to these...

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Personal Finance Problem ps-24 Funding your retirement Emily Jacob is 45 ycars old and has saved nothing for retire- ment account carring an 1 1% return. She will let the money ment. Fortunately, she just inherited $75,000. Emily plans to put a large portion of that money into an invest LG2 LG3 accumulate for 20 ycars, when she will be ready to retire. She would like to deposit enough moncy today so she could begin making withdrawals of $50,000 per year starting at age 66 (21 years from now) she will make her last withdrawal at age 90. Whatever remains from her inheritance, Em her investment account during her retirement and continuing for 24 additional years, when ill spend on a shopping spree. Emily will continue to earn 11% on money in years, and she wants the balance in her retirement account to be $0 after her withdrawal on her ninetieth birthday. a. How much money must Emily set aside now to achieve that goal? It may be help- ful to construct a timcline to visualize the details of this problem. b. Emily realizes that once she retires she will want to have less risky investments that will earn a slightly lower rate of return, 8% rather than 11%. If Emily can earn 1 1% on her investments from now until age 65, but she earns just 8% on her investments from age 65 to 90, how much money does she need to set aside today to achieve her goal? c. Suppose Emily puts all of the $75,000 that she inherited into the account earning 11 %. As in part b, she will earn only an 8% return on her investments after age 65. If Emily withdraws $50,000 as planned on each birthday from age 66 to age 90, how much will be left in her account for her heirs after her last withdrawal?

What is the equation to find the answers to these question?

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