Your father now has $1,000,000 invested in an account that pays 9.00%.He expects inflation to average 3%,and he wants to make annual constant dollar (real) beginning-of-year withdrawals over each of the next 20 years and end up with a zero balance after the 20th year.How large will his initial withdrawal (and thus constant dollar [real] withdrawals) be?
A)$69,636.40
B)$73,301.47
C)$77,159.45
D)$81,220.47

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The Answer of Your father now has $1,000,000 invested in an account that pays 9.00%.He expects inflation to average 3%,and he wants to make annual constant dollar (real) beginning-of-year withdrawals over each of the next 20 years and end up with a zero balance after the 20th year.How large will his initial withdrawal (and thus constant dollar [real] withdrawals) be?
A)$69,636.40
B)$73,301.47
C)$77,159.45
D)$81,220.47

Your Father Now Has $1,000,000 Invested in an Account That