How much will you be able to withdraw each year

Reference no: EM131959313

Problem

You are planning to save for retirement. You estimate that you can save $5,000 at the end of the next 20 years and then you will retire. All the money will go into a money market that pays 6% interest. When you retire you will start drawing money out of this account and will do so for 10 years. How much will you be able to withdraw each year during the 10 year retirement?

Reference no: EM131959313

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