You received a high-yield savings account that contains $1,000,000. The account has a 7% annual interest rate and you want to take out a constant amount every year for 40 years.
- Suppose you want to take out $100,000 per year. For how many years would you be able to make this exact withdrawal?
- After your last exact withdrawal from (3), you decide to withdraw everything in your account one year later. How much money would you get from your final withdrawal?