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Answer for this question " A 18 years "is the correct answer. I need to steps of answering this question in detiels on EXCEL You've invested your savings at 5.5% and been able to accumulate $500,000. You'l like to withdraw $45,000 at the end of every year. How long until the balance has been reduced to $50,000? (round down to the nearest whole year) а. 18 years b. 16 years С. 17 years d. 10 years

Answer for this question " A 18 years "is the correct answer. I need to steps of answering this question in detiels on EXCEL You've invested your savings at 5.5% and been able to accumulate $500,000. You'l like to withdraw $45,000 at the end of every year. How long until the balance has been reduced to $50,000? (round down to the nearest whole year) а. 18 years b. 16 years С. 17 years d. 10 years

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Answer for this question " A 18 years "is the correct answer. I need to steps of answering this question in detiels on EXCEL You've invested your savings at 5.5% and been able to accumulate $500,000. You'l like to withdraw $45,000 at the end of every year. How long until the balance has been reduced to $50,000? (round down to the nearest whole year) а. 18 years b. 16 years С. 17 years d. 10 years е. 15 years
Transcribed Image Text:Answer for this question " A 18 years "is the correct answer. I need to steps of answering this question in detiels on EXCEL You've invested your savings at 5.5% and been able to accumulate $500,000. You'l like to withdraw $45,000 at the end of every year. How long until the balance has been reduced to $50,000? (round down to the nearest whole year) а. 18 years b. 16 years С. 17 years d. 10 years е. 15 years
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