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When you retire at 65 years old you have 1 million in your

When you retire at 65 years old, you have $1 million in your saving account which earns 7% interest annually. You want to be able to increase your withdrawals by 3% each year to keep up with inflation. How much can you withdraw the first year if you want to be able to pass on your savings to your children?

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Financial Management: When you retire at 65 years old you have 1 million in your

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