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How large can first withdrawal be

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Reference no: EM132755917

Problem 1: You inherited an investment portfolio worth $1 million. The portfolio earns a return of 9% per year. You want to withdraw money from this portfolio once per year starting one year from today, and you want to continue making withdrawals forever. Furthermore, you want to increase your withdrawals at 3% per year to keep up with inflation. How large can your first withdrawal be?

Reference no: EM132755917

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