Problem
You have just inherited $100,000 as a lump-sum amount from your distant aunt. After depositing the money in a practically risk-free certificate of deposit (CD) earning 5% per year, you plan to withdraw $10,000 per year for your living expenses. How many years will your $100,000 last in view of these withdrawals? (Hint: It is longer than 10 years!)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.