What is the longest that they can live from the house

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Question: Abner and Maude are both in their eighties. They are thinking about selling their house for $500,000 and moving into an apartment complex for seniors. The apartment will cost $50,000 per year , payable in full at the end of each year. If they can earn 6% annually on the proceeds from their house, what is the longest that they can live from the house proceeds before the money runs out?

Reference no: EM133375345

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