You plan to retire in 5 years with $650,489. You plan to withdraw $88,400 per year for 20 years. The expected return is X percent per year and the first regular withdrawal is expected in 6 years. What is X?

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section: Chapter Questions
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You plan to retire in 5 years with $650,489. You plan to withdraw $88,400 per year for 20 years. The expected return is X percent per year and the first regular withdrawal is expected in 6 years. What is X?

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