Your Aunt Ruth has $540,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each

Question

Your Aunt Ruth has $540,000 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., run the account down to zero?
O a. 24.55
b. 28.41
O c. 25.65
d. 30.62
e. 27.58
1

Kunduz · Accepted Answer

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