Multiple Choice
Stacey has $5,000,000 on deposit in a fund that earns 9% interest compounded annually. How much can Stacey withdraw annually from the fund in ten equal annual withdrawals to completely deplete the fund after the tenth draw, assuming the first withdrawal occurs today?
A) $714,771
B) $779,100
C) $861,298
D) $922,908
Correct Answer:
Verified
Correct Answer:
Verified
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