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Your cousin Sally has $270,000 invested at 5.5%, and she wants to retire. She wants to withdraw $45,000 at the beginning of the year, beginning
Your cousin Sally has $270,000 invested at 5.5%, and she wants to retire. She wants to withdraw $45,000 at the beginning of the 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) 7.98 B) 8.30 C) 8.06 D) 8.94 E) 9.19
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