Your Uncle Has $375,000 Invested at 7

question 17

Multiple Choice

Your uncle has $375,000 invested at 7.5%,and he now wants to retire.He wants to withdraw $35,000 at the end of each year,beginning at the end of this year.How many years will it take to exhaust his funds,i.e.,run the account down to zero?

• A)22.50
• B)23.63
• C)24.81
• D)26.05

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Definitions:

Retirees

Individuals who have withdrawn from active working life, often due to age, and are typically supported by pensions, savings, or benefits.

Physical Aspects

The tangible, measurable characteristics or properties of objects or systems.

Retirement

The period of one's life after permanently leaving one's occupation or workplace, often due to age.

Level of Satisfaction

A measure of how content an individual is with various aspects of their life, including job, relationships, and personal achievements.