Sally has saved $3,000,000 for retirement. Starting next year, she will begin drawing from her retirement account. Sally believes she can earn a return of 4.3% during retirement. She would also like to increase her withdrawals by 1.6% per year to account for inflation. If Sally wants her retirement account to last forever, how much can she withdraw one year from now?

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i This is a growing perpetuity ... View the full answer