1. You aunt has just retired and has $5,000,000 in her retirement account. She expects to live...
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1. You aunt has just retired and has $5,000,000 in her retirement account. She expects to live for another thirty years (exactly) and wishes to leave $600,000 each to the Chicago Symphony Orchestra, Lyric Opera of Chicago and Illinois Tech when she is gone. What is the most that she could withdraw from this account at the end of each quarter and still leave the money to her desired beneficiaries? The fund is expected to return six percent per annum, compounded monthly?
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780135811603
5th Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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