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You have $255,906 in a savings account. The interest rate is 3% per year. The withdrawals will

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You have $255,906 in a savings account. The interest rate is 3% per year. The withdrawals will take place at the end of each year, with the first withdrawal at the end of this year. How soon will the savings be exhausted if you withdraw $30,000 each year?
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Fundamentals of Financial Management

Fundamentals of Financial Management

ISBN: 978-1337395250

15th edition

Authors: Eugene F. Brigham, Joel F. Houston

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