Answer:
She would be able to withdraw 17 times
Explanation:
Here rate (or I/YR) = 5.5%
PV = $500,000 and FV = 50,000. PMT = 45,000. We have to find N
Using excel's "nper" function. As the withdrawals are made at the start of each period it is a case of annuity due and so we will use Type 1 in excel.
NPER(5.5%, -45000, 500000, 50000, 1)
This gives us a figure of 17.22. This will be rounded to nearest number i.e. 17.