[Solved] Use the Following to Answer Questions

Question 28
Multiple Choice

Use the following to answer questions
Present and future value tables of $1 at 3% are presented below:
-Jimmy has $255,906 accumulated in a 401K plan.The fund is earning a low,but safe,3% per year.The withdrawals will take place at the end of each year starting a year from now.How soon will the fund be exhausted if Jimmy withdraws $30,000 each year?

A)11 years.
B)10 years.
C)8.5 years.
D)8.8 years.

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