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Your aunt has $680,000 invested at 5.5% (time zero), and she now wants to retire. She wants to withdraw $45,000 at the beginning of each
Your aunt has $680,000 invested at 5.5% (time zero), 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?
a. | 30.00 | |
b. | 29.40 | |
c. | 24.90 | |
d. | 36.61 | |
e. | 23.40 |
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