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Suppose that on your 21st birthday you are given a $1,000,000 trust fund. If you can earn 4% in annual compound interest, how much money
Suppose that on your 21st birthday you are given a $1,000,000 trust fund. If you can earn 4% in annual compound interest, how much money can you withdraw each year to ensure that if there is money in the account forever?
| $47,619.05 | ||
| $22,222.22 | ||
| $45,000.00 | ||
| None of these | ||
| $29,600.57 |
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