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How much can you withdraw each year

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Question - You are planning for your investment in 10 years time. You currently have 50000 invested in a money market fund and 250000 in a share market fund. You plan to add $9000 per year at the end of each of the next 10 years to the money market fund. The share market fund will earn a interest of 10.5% and the money market fund will earn a interest of 7%. When you retire you plan to withdraw a equal amount for each of the next 25 years at the end of each year and have nothing left with at the end. Additionally when you retire you will transfer your two funds into an account that earns 6.25% per year. How much can you withdraw each year?

Reference no: EM132559721

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