Andy has $500,000 and wants to retire. He expects to live for another 30 years and to earn 7.15% on his invested funds. How much could he withdraw at the end of each of the next 30 years and end up with zero in the account? Your answer should be between 34,960.00 and 57,550.00, rounded to 2 decimal places, with no special characters.
Andy has $500,000 and wants to retire. He expects to live for another 30 years and to earn 7.15% on his invested funds. How much could he withdraw at the end of each of the next 30 years and end up with zero in the account? Your answer should be between 34,960.00 and 57,550.00, rounded to 2 decimal places, with no special characters.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 8E
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