You got $53 million today from selling your business. You spend $5 million immediately on a...
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You got $53 million today from selling your business. You spend $5 million immediately on a house, cars, and other toys and invest the rest at 7%. You want to withdraw an annual amount starting next year that keeps up with inflation of 4% so that you have $10 million left over for your heirs 80 years from now. Assume you make your last withdrawal 80 years from now. (a) (20 points) What is the amount to the nearest dollar of your first withdrawal? You got $53 million today from selling your business. You spend $5 million immediately on a house, cars, and other toys and invest the rest at 7%. You want to withdraw an annual amount starting next year that keeps up with inflation of 4% so that you have $10 million left over for your heirs 80 years from now. Assume you make your last withdrawal 80 years from now. (a) (20 points) What is the amount to the nearest dollar of your first withdrawal?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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