You inherited an investment portfolio worth $1 million.The portfolio earns a return of 9% per year.You want to withdraw money from this portfolio once per year starting one year from today,and you want to continue making withdrawals forever.Furthermore,you want to increase your withdrawals at 3% per year to keep up with inflation.How large can your first withdrawal be?

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The Answer of You inherited an investment portfolio worth $1 million.The portfolio earns a return of 9% per year.You want to withdraw money from this portfolio once per year starting one year from today,and you want to continue making withdrawals forever.Furthermore,you want to increase your withdrawals at 3% per year to keep up with inflation.How large can your first withdrawal be?

You Inherited an Investment Portfolio Worth $1 Million