A person deposits $2,000 each year for 25 years into an IRA. When she retires immediately after

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A person deposits $2,000 each year for 25 years into an IRA. When she retires immediately after making the 25th deposit, the IRA is worth $220,000.

(A) Find the interest rate earned by the IRA over the 25-year period leading up to retirement.

(B) Assume that the IRA continues to earn the interest rate found in part (A). How long can the retiree withdraw $30,000 per year? How long can she withdraw $24,000 per year?

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College Mathematics For Business Economics, Life Sciences, And Social Sciences

ISBN: 978-0134674148

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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Question Posted: Mar 22, 2022 01:01 AM

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A person deposits $2,000 each year for 25 years into an IRA. When she retires immediately after

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FV 220000 PMT 2000 n 25 Solve 220000 20001125 for i IN i 0 500000 Intersec...View the full answer

College Mathematics For Business Economics, Life Sciences, And Social Sciences

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