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Your uncle has $380,000 invested at 6.7%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, starting
Your uncle has $380,000 invested at 6.7%, 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. 20.04 years
b. 10.14 years
c. 16.95 years
d. 19.29 years
e. 20.76 years
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