Your Aunt Ruth has $450,000 invested at 6.5%, and she plans to retire. She wants to withdraw

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Your Aunt Ruth has $450,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each year, starting immediately. How many years will it take to exhaust her funds, i.e., runs the account down to zero?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Question Posted: Feb 15, 2018 07:41 AM

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Your Aunt Ruth has $450,000 invested at 6.5%, and she plans to retire. She wants to withdraw

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Personal Finance

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