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Your aunt has $270,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning
Your aunt has $270,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning immediately. She also wants to have $50,000 left to give you when she ceases to withdraw funds from the account. For how many years can she make the $45,000 withdrawals and still have $50,000 left in the end? Note: She is leaving $50,000 on the day of her last withdrawal.
I need help entering this into the calculator. I keep getting 8.06 years
a. 6.98
b. 7.30
c. 7.50
d. 5.68
e. 5.83
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