SOLUTION: how many years will 1,200,000 last if 70,000 is withdrawn each year and the remaining balance earns 5% interest?

SOLUTION: how many years will 1,200,000 last if 70,000 is withdrawn each year and the remaining balance earns 5% interest?

Algebra.Com

Question 757315: how many years will 1,200,000 last if 70,000 is withdrawn each year and the remaining balance earns 5% interest?
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
1,200,000/70,000 = 17 years leaving
10,000.
10,000 receiving 5% interest per annum would
generate 500 per year.
Hope this helps.
:-)

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