Question
You have saved for retirement in an account that earns 6% interest. The funds will last for exactly 25 years with the first withdrawl of
You have saved for retirement in an account that earns 6% interest. The funds will last for exactly 25 years with the first withdrawl of $50,000 occuring 1 year from today. To account for inflation, you plan to increase your withdrawls by 1% per year. How much have you saved in your account?
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Financial Markets And Institutions A Modern Perspective
Authors: Anthony Saunders, Marcia Millon Cornett, Marcia Cornett
2nd Edition
007294109X, 978-0072941098
