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Withdraw funds from the account

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Your aunt has $350,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning immediately. She also wants to have $50,000 left to give you when she ceases to withdraw funds from the account. For how many years can she make the $45,000 withdrawals and still have $50,000 left in the end?

  • 9.47
  • 8.60
  • 13.35
  • 11.41
  • 12.38

Reference no: EM131199069

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