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Please help me answer the question below. Question 7 3.34 pts Mr. Smith just retired and currently has $1,000,000 in his retirement account. He is
Please help me answer the question below.
Question 7 3.34 pts Mr. Smith just retired and currently has $1,000,000 in his retirement account. He is 65 years old and his life expectancy is estimated at 100. He can earn 3% on his investment and want to withdraw his retirement fund over 35 equal annual amounts. What is the maximum he can withdraw from the account at the end of each year? 100,000 28,571 68,582 46,539 64,852Step by Step Solution
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