Retirement Investment Deposit Assignment
February 18th, 2020
Marlene is 70 years old and inherits $1,000,000 from her mother. Marlene decides that she is going to retire and enjoy this money (as it is what her mother would want her to do). The money will be invested very conservatively and will only earn 3% per year. Marlene anticipates that she will only live for another 20 years and at that point, she would like to make sure that there is $200,000 left to pass onto her children. If Marlene plans on taking out money each year (at the beginning of each year), how much can she take out?
$49,183.35. Get Finance homework help today