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Mr. Aji has $ 500,000 invested at an interest rate of 5.5% per annum and now he wants to retire. He wants immediately to take
Mr. Aji has $ 500,000 invested at an interest rate of 5.5% per annum and now he wants to retire. He wants "immediately" to take out $ 45,000 at the start of each year.
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How many withdrawals (with each withdrawal of $ 45,000) can he make from his savings so that in the end he still leaves a balance of $ 50,000.
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