Solution:
Given that Number of year, n = 23 and Interest rate, i = 6%
The formula for calculating the PV factor is
PV factor = [(1 + i)^n - 1]/[i (1 + i)^n]
PV factor = [(1.06)^23 - 1]/[0.06*1.06^23]
PV factor = 2.81975/0.229185
PV factor = 12.3034
You are planning to withdraw some amount of money every year for the next 23 years....
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