Time value of money
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Your uncle has $300,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the beginning of each year, beginning immediately. He also wants to have $25,000 left to give you he ceases to withdraw funds from the account.
For how many years can he make the $35,000 withdraws and still have $25,000 left in the end?
Please use:
PV =
PMT =
FV =
i =
n =
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Solution Summary
The solution explains how to calculate the number of years over with the withdrawals can be made
Solution Preview
In this case we have the following
PV = amount now = $300,000
PMT = amount to be ...
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