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You have $255,906 in a savings account. The interest rate is 3% per year. The withdrawals will take place at the end of each year,
You have $255,906 in a savings account. The interest rate is 3% per year. The withdrawals will take place at the end of each year, with the first withdrawal at the end of this year. How soon will the savings be exhausted if you withdraw $30,000 each year?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Frank Hodge
9th edition
290-1259222138, 1259222136, 978-1259222139
