Tom's best friend, Joe, works for a company that was just acquired. He lost his job. Joe
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Tom's best friend, Joe, works for a company that was just acquired. He lost his job. Joe was given a severance payment of $365,000, which he invested at a 7.5% annual rate. He now plans to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year. How many years will it take to exhaust his funds, i.c., run the account down to zero?
Related Book For
Strategic Management An Integrated Approach
ISBN: 978-1111825843
10th edition
Authors: Charles W. L. Hill, Gareth R. Jones
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