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You have a relative who has accumulated savings of $ 2,800,000 over his working lifetime and now plans to retire. Assuming that he wishes to
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You have a relative who has accumulated savings of $ 2,800,000 over his working lifetime and now plans to retire. Assuming that he wishes to withdraw from these savings for the next 20 years of this life, how much will the first installment be if he wishes to withdraw 3% more each year to account for inflation? Assume his funds are invested at 11%.
$282,783
$303,584
None of these is correct
$288,667
$295,288
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