Bill makes annual deposits of $1200 to an an IRA earning 13% compounded annually for 16 years. At the end of the 16 years Bill retires.
a) What was the value of his IRA at the end of 16 years?
Answer = $
b) What is the largest amount Bill may withdraw annually for the next 17 years at 13 % compounded annually?
Answer = $

Hint: