1 answer

You have $500,000 saved for retirement. Your account has an annual rate of 6% compounded monthly....

Question:

You have $500,000 saved for retirement. Your account has an annual rate of 6% compounded monthly. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?


Answers

We know that formula for Payout Annuityis: -Vk Where, P balance in the account at the beginning or principal d- is the regula

-2012 -,93) 500000 dll -(1.005)-20 = ) 12 500000 0.06 12 du-0.0041575) $0000 Ho9358125 d0.9958125 (0.005) 500000 (0.005) 5000

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