What constant amount will you be able to withdraw each year

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Reference no: EM13977926

You are 27, and decide to save $7500 each year (first deposit a year from now) in an account that pays 10% interest per year. You will make your last deposit 38 years from now when you retire at age 65. During retirement, you plan to withdraw funds from the account at the end of each year (first withdrawal at 66). What constant amount will you be able to withdraw each year if you want the funds to last until you are 90?

Reference no: EM13977926

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