Your aunt has $500,000 invested at 5.4%, and she now wants to retire. She wants to...

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Your aunt has $500,000 invested at 5.4%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning immediately. She also wants to have $50,000 left to give you when she ceases to withdraw funds from the account. What is the maximum number of $45,000 withdrawals that she can make and still have at least $50,000 left in the account? (Hint: If your solution for N is not an integer, round down to the nearest whole number.) Your aunt has $500,000 invested at 5.4%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning immediately. She also wants to have $50,000 left to give you when she ceases to withdraw funds from the account. What is the maximum number of $45,000 withdrawals that she can make and still have at least $50,000 left in the account? (Hint: If your solution for N is not an integer, round down to the nearest whole number.)

Answer rating: 100% (QA)

The maximum number of 45000 withdrawals that your aunt can make is ... View the full answer