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Your uncle has $375,000 and wants to retire. He expects to live for another 25 years, and he also expects to earn 7.5% on his invested funds. How much could he withdraw at the beginning of each of the next 25 years and end up with zero in the account?

$28,243.21


$29,729.70


$31,294.42


$32,859.14


$34,502.10

Respuesta :

Answer:

$31,294.42

Explanation:

In this question, we use the PMT formula which is shown in the spreadsheet.  

The NPER represents the time period.  

Given that,  

Present value = $375,000

Assuming figure - Future value or Face value = $0

NPER = 25 years

Rate = 7.5%

The formula is shown below:  

= -PMT(Rate,NPER, PV,FV,Type)  

So, after solving this,  the answer would be $31,294.42

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