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Your aunt has $820,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year,beginning immediately.

Your aunt has $820,000 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?

a.

54 years

b.

55 years

c.

49 years

d.

50 years

e.

53 years

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