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Your father's employer was just acquired, and he was given a severance payment of $442,500, which he invested at a 7.5% annual rate. He now
Your father's employer was just acquired, and he was given a severance payment of $442,500, which he invested at a 7.5% annual rate. He now plans to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year. How many years will it take to exhaust his funds,i.e., run the account down to zero? ** Round your answer to the nearest three decimals if needed. Do not type the % symbol. Type your solution as a percentage and not as a decimal (i.e. 4.2 and not 0.042)
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