How much does he have to withdraw each year

Reference no: EM13294850

Richard Gorman is 65 years old and about to retire. He has $500,000 saved to supplement his pension and social security, and would like to withdraw it in equal annual dollar amounts so that nothing is left after 15 years. How much does he have to withdraw each year if he earns 7% on his money?

Reference no: EM13294850

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