Question

Your aunt has $680,000 invested at 5.5% (time zero), 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. For how many years can she make the $45,000 withdrawals and still have $50,000 left in the end?
a. 30.00

b. 29.40

c. 24.90d. 36.61e. 23.40

Answer 1

Answer:

None of the options was correct

It will take her 15.94 years to make withdrawals and yet have up to $50,000.00 to give me.