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How many payments will bud lime receive

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Question - Bud Lime has $368,882 accumulated in a 401K plan. The fund is earning a low, but safe, 3% per year. Bud Lime plans to take annual withdrawals starting today. Assuming each withdrawal is for $30,000; how many payments will Bud Lime receive before the fund is depleted?

a. 15

b. 16

c. 14

d. 12.3

Reference no: EM131714902

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