Question
Luis has $2 million saved for retirement and wants to make sure he can spend $100,000 each year for the next 40 years. He decides
Luis has $2 million saved for retirement and wants to make sure he can spend $100,000 each year for the next 40 years.
He decides to leave $200,000 to charity when he dies. Now what interest rate must he achieve to reach his goal?
(Give 4 significant digits)
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Financial Management Core Concepts
Authors: Raymond Brooks
3rd Edition
0133866742, 9780133866742
