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How large will your initial withdrawal be

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Assume that you saved 750,000 and invested in an account that pays 5.00%. You expect inflation to average 2%, and you want to make end -of year withdrawals growing at the rate of inflation over each of the next 20 years and end up with a zero balance after the 20th year. How large will your initial withdrawal be?

Reference no: EM132284861

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