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You received a high-yield savings account that contains $1,000,000. The account has a 7% annual interest rate and you want to take out a constant amount every year for 40 years.

- Suppose you want to take out $100,000 per year. For how many years would you be able to make this exact withdrawal?

- After your last exact withdrawal from (3), you decide to withdraw everything in your account one year later. How much money would you get from your final withdrawal?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92796213

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