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Jenny has just retired with $1,000,000 saved in her retirement account. She decides to withdraw...

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Finance

Jenny has just retired with $1,000,000 saved in her retirement account. She decides to withdraw $60,000 per year in retirement with the first withdrawal one year after retiring (at t=1). How many years will it take until she exhausts her savings? Assume that her savings will continue to earn 3% in retirement.

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