Pete Peterson is 66 years old and has just attended his retirement party. He has amassed $1.36 million in retirement savings. He and his spouse have figured out that during retirement they need to withdraw $100,000 at the end of each year from their retirement savings to maintain the standard of living that they would like to have.
1. If they can earn 4% interest on the unspent balance in their retirement account, how many years will it be before their retirement savings are exhausted?
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