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You have $500,000 in a bank account earning 6.50%, compounded annually. For how many years can you withdraw $40,000 at the beginning of the year
You have $500,000 in a bank account earning 6.50%, compounded annually. For how many years can you withdraw $40,000 at the beginning of the year before the balance is reduced to zero? Select one: A. 22 years B. 18 years C. 19 years D. 20 years E. 21 years.
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