How much to withdraw to earn annually on savings


Your 69-year old aunt has savings of $35,000. She has made arrangements to enter a home for the aged on reaching the age of 80. Your aunt wants to decrease at a constant amount each year for ten years, with a zero balance remaining. How much can she withdraw each year if she earns 6 percent annually on her savings? Her first withdrawal would be one year from today.

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Finance Basics: How much to withdraw to earn annually on savings
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