For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted

- A retiree has $1,000,000 saved and has current annual living expenses of $40,000 occurring at the end of each year. Assuming expenses grow with inflation at 3% per year, and the retiree can earn 4% on her savings, how many years will the savings last?