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Find how long until the balance has been reduced

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Reference no: EM132979113

Problem 1: You've invested your savings at 7.5% and been able to accumulate $350,000. You'd like to withdraw $35,000 at the end of every year. How long until the balance has been reduced to $25,000? (round down to the nearest whole year)

a. 19 years

b. 9 years

c. 14 years

d. 15 years

e. 11 years

Reference no: EM132979113

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