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Your uncle has $310,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, starting
Your uncle has $310,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, starting at the end of this year. He also wants to have $25,000 left to give you when he ceases to withdraw funds from the account. For how many years can he make the $35,000 withdrawals and still have $25,000 left in the end?
a. | 15.19 | |
b. | 11.46 | |
c. | 13.76 | |
d. | 14.33 | |
e. | 17.20 |
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