InchantingCrazy3874 InchantingCrazy3874

21-10-2022
Business

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your 75-year-old grandmother expects to live for another 15 years. she currently has $1,000,000 of savings, which is invested to earn a guaranteed 7.5% rate of return. ignoring the effects of inflation, how much can she withdraw (to the nearest dollar) at the beginning of each year and keep the withdrawals constant in nominal terms until the balance goes to zero at the end of the 15th year?

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