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Your Aunt Has $500,000 Invested at 5

Question 94

Multiple Choice

Your aunt has $500,000 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) 15.54
B) 16.36
C) 17.22
D) 18.08
E) 18.99

Correct Answer:

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