Uncle richie has 700000 invested at 55 and he plans to


Uncle Richie has $700,000 invested at 5.5%, and he plans to retire. He wants to withdraw $50,000 at the beginning of each year, starting immediately. How many years will it take to exhaust him funds, i.e., run the account down to zero?

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Financial Management: Uncle richie has 700000 invested at 55 and he plans to
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