Multiple Choice
Your uncle has $500,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $40,000 at the BEGINNING of each year, beginning immediately. How many years will it take to exhaust his funds, i.e., run the account down to zero?
A) 24.38
B) 25.66
C) 27.01
D) 28.44
Correct Answer:
Verified
Correct Answer:
Verified
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