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# Your father now has $1,000,000 invested in an account that pays 9.

Your father now has $1,000,000 invested in an account that pays 9.00%. He expects inflation to average 3%, and he wants to make annual constant dollar (real) beginning-of-year withdrawals over each of the next 20 years and end up with a zero balance after the 20th year. How large will his initial withdrawal (and thus constant dollar (real) withdrawals) be? a. $66,154.58 b. $69,636.40 c. $73,301.47 d. $77,159.45 e. $81,220.47