you achieve your goal having 1000000 savings day you retire you would make 20
You achieve your goal of having $1,000,000 in savings on the day you retire. You would like to make 20 equal withdrawals from your mutual fund account, with the first withdrawal one year from the day you retire. Assume that the account will earn 5% a year. How much can you withdraw each year? (Assume that you want to “use up” the whole account by making these withdrawals; i.e., there won’t be anything left in it after you make the 20th withdrawal.)
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