Mr. Aji has $ 500,000 invested at an interest rate of 5.5% per annum and now he wants to retire. He wants "immediately" to take out $ 45,000 at the start of each year.

Question

How many withdrawals (with each withdrawal of $ 45,000) can he make from his savings so that in the end he still leaves a balance of $ 50,000.

Answer rating: 100% (QA)

Deposit Amount 500000 Withdrawal Amount 45000 Year Deposit Amount after Wit... View the full answer