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You have $500,000 saved for retirement. g Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?

Respuesta :

Answer:

$3,872

Explanation:

PV = $500,000 (This is the money you have in your retirement account)

i/r = 8%/year = 0.67%/month

n = 25 years = 300 months

FV = 0

PMT = ? (this is the amount you want to pull out each month, and we have to find this value)

Using financial calculator, we get PMT = $3,872

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