What is the maximum annual withdrawal you can make

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1) Mary Watson is 24 years old and single, lives in an apartment, and has no dependents. She expects to earn $50,000 as a sales assistant. $4,500 of her wages will be withheld for year 2014. She also expected to have interest income $500.  Estimate her taxable income, tax liability, and tax refund or tax owed for year 2014 based on 2014 tax rates (personal exemption for 2014 is $3,950, and standard deduction is $6,200.)

2) If upon retirement in 25 years, you plan to invest $850,000 in a fund that earns 6% each year, what is the maximum annual withdrawal you can make in the following 15 years?

Reference no: EM133023986

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