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Your sister turned 35 today, and she is planning to save $64,800 per year for retirement, with the first deposit to be made one year
Your sister turned 35 today, and she is planning to save $64,800 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that's expected to provide a return of 7.1% per year. She plans to retire 30 years from today, when she turns 65 , and she expects to live for 25 years after retirement, to age 90 , when she needs no money left in her fund. Under these assumptions, how much can sherspend each year after she retires? Assume that her first withdrawal will be made at the end of her first retirement year, and that she will continue to invest in the same mutual fund after retirement. (Multiple Choice) Excel Link: Excel Sheet.xlsx $495,339.99 $601,191.23 $556,235.71 $567,768.25 $539,623.45
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