Question
Your father has $500,000 invested at 8%, and he now wants to retire. He wants to withdraw $50,000 at the beginning of each year, beginning
Your father has $500,000 invested at 8%, and he now wants to retire. He wants to withdraw $50,000 at the beginning of each year, beginning immediately. How many years will it take to exhaust his funds, i.e., run the account down to zero?
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Fundamentals of Corporate Finance
Authors: Berk, DeMarzo, Harford
2nd edition
978-0132148238
