A couple puts $500,000 for their retirement into an account paying 5% annual interest.They estimate that they will need to withdraw $60,000 each year to live on.Assume that the $60,000 is withdrawn on the last day of the year.Find a recursive formula for $s_{n}$ , the amount of money left in the account at the end of n years, and use it to determine how many years the money will last (how many years until there is less than $60,000 in the account).

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The Answer of A couple puts $500,000 for their retirement into an account paying 5% annual interest.They estimate that they will need to withdraw $60,000 each year to live on.Assume that the $60,000 is withdrawn on the last day of the year.Find a recursive formula for $s_{n}$ , the amount of money left in the account at the end of n years, and use it to determine how many years the money will last (how many years until there is less than $60,000 in the account).

A Couple Puts $500,000 for Their Retirement into an Account sns_{n}sn​

A Couple Puts $500,000 for Their Retirement into an Account $s_{n}$