_{Your plan is to retire in 50 years. At that point you will be 70 years old. You expect to live until you are 90. If your wealth at age 50 is $400,000 what is the maximum you can spend each year so that when you are 90 your wealth is 50,000. Assume that your wealth will earn 6% per year between your age 70 and age of 90.}

_{The answer is between $36,000 and $37,000 per year. True or False.}