Assume that you are 26 years old and plan to retire when you are 70 years old, that is, 44 years from now. Your personal investment goal (based on the 3-legged retirement model) is accumulate $5 million at the time you retire. Your opportunity cost of capital (discount rate) is 8 percent. What would be your maximum withdrawal from your personal investment account if you plan to exhaust your personal savings at age 90?

The project average rate of inflation (for a full employment economy) is 3 percent and unfortunately, inflation will affect your withdrawal amount. How would inflation affect your annual withdrawal? Show the detailed amortized schedule for this problem.