A person in retirement is depositing $300,000 in a saving account that pays 5% interest per year. The person plans to withdraw money from the account once a year. He starts by withdrawing $25,000 after the first year, and in future years he increases the amount he withdraws according to the inflation rate. For example, if the inflation rate is 3%, he withdraws $25,750 after the second year. Calculate the number of years the money in the account will last assuming a constant yearly inflation rate of 2%. Make a plot that shows the yearly withdrawals and the balanceof the account over the years.
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A person in retirement is depositing $300,000 in a saving account that pays 5% interest per year. Th...
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