Your Uncle Has $375,000 and Wants to Retire

question 60

Multiple Choice

Your uncle has $375,000 and wants to retire.He expects to live for another 25 years,and he also expects to earn 7.5% on his invested funds.How much could he withdraw at the beginning of each of the next 25 years and end up with zero in the account?

• A)$28,243.21
• B)$29,729.70
• C)$31,294.42
• D)$32,859.14

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Definitions:

Aggregate Function

A function in computing that performs a calculation on a set of values and returns a single value, often used in database queries.

Average Amount

The result obtained by adding several quantities together and then dividing this total by the number of quantities.

Start Date

The specified day when an event begins or a contract comes into effect.

Aggregate Function

A type of function used in database queries and spreadsheet software that performs a calculation on a set of values, returning a single value.