Math Problem Statement
You plan to retire in 3 years with $980,716. You plan to withdraw $114,500 per year for 13 years. The expected return is X percent per year and the first regular withdrawal is expected in 4 years. What is X?
Solution
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Math Problem Analysis
Mathematical Concepts
Present Value of Annuity
Interest Rates
Discounting Cash Flows
Formulas
Present Value of Annuity Formula: PV = W × (1 - (1 / (1 + r)^n)) / r
Discounting: PV = FV / (1 + r)^t
Theorems
Time Value of Money
Suitable Grade Level
Undergraduate/Advanced High School
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