A Famous Athlete Went Bankrupt by Spending His $30 Million

question 69

Multiple Choice

A famous athlete went bankrupt by spending his $30 million fortune in 15 years.Given that his investments were earning him 7.45% compounded monthly, determine his annual spending that allowed him to be penniless in 15 years.

• A)$2,443,012
• B)$3,443,012
• C)$4,443,012
• D)$5,443,012

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