Solved

Norah Has $2,000,000 in Her Retirement Account

Question 45

Multiple Choice

Norah has $2,000,000 in her retirement account. She wants to make 20 equal withdrawals, beginning today and each year thereafter. The investment plan earns 8%. What is the amount of annual withdrawals that would completely deplete the fund after the 20th withdrawal?


A) $181,541
B) $184,875
C) $188,615
D) $203,704

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