Today, you are retiring. You have a total of $518,304 in your retirement savings and have...

 

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Today, you are retiring. You have a total of $518,304 in your retirement savings and have the funds invested such that you expect to earn an average of 6%, compounded monthly, on this money throughout your retirement years. You want to withdraw $3,500 at the beginning of every month, starting today. How long will it be until you run out of money? A) 28.1 years B) 23.6 years OC) 25.9 years O D) 29.5 years E) 22.3 years Today, you are retiring. You have a total of $518,304 in your retirement savings and have the funds invested such that you expect to earn an average of 6%, compounded monthly, on this money throughout your retirement years. You want to withdraw $3,500 at the beginning of every month, starting today. How long will it be until you run out of money? A) 28.1 years B) 23.6 years OC) 25.9 years O D) 29.5 years E) 22.3 years

Answer rating: 100% (QA)

A B 34 35 fv 518304 36 pmt 37 rate 6... View the full answer