17. Tammy had an investment portfolio balance at age 60 of $2,000,000 in small cap equity securities. She retired at age 60 after working for 35 years. A retirement plan that was generated for her made the following assumptions:

• Rate of return on her investments – 7%

• Inflation – 3.3%

Based on these assumptions, she withdrew 4% annually from her portfolio during retirement. Even though small cap equity securities (as a whole) did provide a rate of return of 7%, she ran out of money at age 82. The probable reason she ran out of money is because she: