Question
You have an account with $5,500,000 that has an expected return of 8.5% per year. Exactly one year after you create this account you will
You have an account with $5,500,000 that has an expected return of 8.5% per year. Exactly one year after you create this account you will make your first withdraw and continue for 25 years when your account is $0. Your withdraw grows by 2% every year to adjust for inflation. What is your first withdraw amount?
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Global Banking
Authors: Roy C Smith, Ingo Walter, Gayle DeLong
3rd Edition
0195335937, 9780195335934
