So I have this question:
Starting from her 30th birthday (t = 0), Miss Saver deposited some money each year in a savings account for the next 35 years. The first deposit of $1000 was made on her 30th birthday, she made 35 deposits in total, and every subsequent deposit increased by 4%. After she retired on her 65th birthday, she withdrew an equal amount each year from her savings account. The first withdrawal was made on her 65th birthday. After the 30th withdrawal, her bank savings account became empty. Assuming the effective annual interest rate is 3%, compute the value of her annual from her bank saving account after she retired. Give your answer to the nearest integer.
I calculated the PV of the deposits and PV of withdrawals. Using them, I calculated the FV of withdrawals and deposits.
I was wondering, to find the annual withdrawal should I equate the 2 PVs together or the 2 FVs?
I understand that when we equate PVs together it’s to find equivalence. So when do we equate 2 FVs together?
Thank you.