Determine the number of full withdrawals, Mathematics

A worker retires with a lump sum superannuation benefit of $500,000. She immediately invests this money in a fund earning 5% pa effective. One year after retirement she begins making a regular annual withdrawal of $50,000 from the fund.

Determine the number of full withdrawals she will be able to make and the final withdrawal, one year after the last full withdrawal which will completely exhaust her benefits.

Posted Date: 3/1/2013 5:20:08 AM | Location : United States

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