You have $187,620 saved today and plan to withdraw $9,000 a year.How long can you make these withdrawals if you earn an annual percentage rate of 4.8 percent?

Name: You have $187,620 saved today and plan to withdraw $9,000 a year.How long can you make these withdrawals if you earn an annual percentage rate of 4.8 percent?
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

C = 0.048 × $187,620
C = $9,005.76
Since you plan to withdraw less than you expect to earn,you can make these withdrawals forever.

You Have $187,620 Saved Today and Plan to Withdraw $9,000