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Your Aunt Has $270,000 Invested at 5

Question 41

Multiple Choice

Your aunt has $270,000 invested at 5.5%,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) 7.98
B) 8.30
C) 8.06
D) 8.94
E) 9.19

Correct Answer:

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