Rick and Ben each started with $120,000. They retired, and both took out $5,000 of their...

  

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Rick and Ben each started with $120,000. They retired, and both took out $5,000 of their money at the end of each year and spent it. Rick had 30 percent declines in his assets in year 1 whereas Ben's occurred in year 3. They both had a 5 percent increase per year in their assets in the remaining years. Assuming no tax impact, what sums did each have at the end of each year for each of the three years following retirement? Rick and Ben each started with $120,000. They retired, and both took out $5,000 of their money at the end of each year and spent it. Rick had 30 percent declines in his assets in year 1 whereas Ben's occurred in year 3. They both had a 5 percent increase per year in their assets in the remaining years. Assuming no tax impact, what sums did each have at the end of each year for each of the three years following retirement?

Answer rating: 100% (QA)

Year 1 Rick 120000 5000 115000 30 80500 Ben 120000 5000 11... View the full answer