YYou are 27 years old, and decide to save $15,000 each year (with the first deposit one

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YYou are 27 years old, and decide to save $15,000 each year (with the first deposit one year from now), in an account paying 9% interest per year. You will make your last deposit 38 years from now when you retire at age 65. During retirement, you plan to withdraw funds from the account at the end of each year (so your first withdrawal is at age 66). What constant amount will you be able to withdraw each year if you want the funds to last until you are 85?

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Corporate Finance The Core

ISBN: 9781292431611

5th Global Edition

Authors: Jonathan Berk, Peter DeMarzo

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