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Your uncle has $500,000 invested at 5%, and he now wants to retire. He wants to withdraw $55,000 at the end of each year, starting
Your uncle has $500,000 invested at 5%, and he now wants to retire. He wants to withdraw $55,000 at the end of each year, starting at the end of this year. He also wants to have $100,000 left to give you when he ceases to withdraw funds from the account. For how many years can he make the $55,000 withdrawals and still have $100,000 left in the end?
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