Question
Your father has $540,000 invested at 7.3%, and he now wants to retire. He wants to withdraw $50,000 at the beginning of each year, beginning
Your father has $540,000 invested at 7.3%, 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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Personal Finance
Authors: Jeff Madura
7th Edition
0134989961, 978-0134989969
