Tanner is going to retire tomorrow. He has $1,600,000 in his retirement account. His account earns...

Tanner is going to retire tomorrow. He has $1,600,000 in his retirement account. His account earns 6.00% annually. He wants to make an annual withdrawal of $150,000 from the account. How many years will he be able to make this same withdrawal before the fund runs out of money?

30 years (approx)

22 years (approx)

17.5 years (approx)

27.3 years (approx)

Expert Solution

jeff jeffy answered 1 year ago

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