Assume I have $100 in the bank. Each year, I withdraw x percent (ranging from 4 percent
Question:
Assume I have $100 in the bank. Each year, I withdraw x percent (ranging from 4 percent to 10 percent) of my original balance. For annual growth rates of 3 percent to 10 percent per year, determine how many years it will take before I run out of money. Hint: It’s best to use the IFERROR function (discussed in Chapter 12) because if my annual growth rate exceeds the withdrawal rate, I will never run out of money.
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Related Book For
Microsoft Excel Data Analysis And Business Modeling
ISBN: 9780137613663
7th Edition
Authors: Wayne Winston
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