SOLUTION: how many years will 1,200,000 last if 70,000 is withdrawn each year and the remaining balance earns 5% interest?

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Question 757315: how many years will 1,200,000 last if 70,000 is withdrawn each year and the remaining balance earns 5% interest?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) About Me  (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.
:-)