Claire has a retirement account worth $975,000. The account draws 3.6% compounded monthly. A. How much can she withdraw each month and not change the balance? B. If she withdraws $2000 each month, what will be the value of the account in 20 years? C. How much can she withdraw from the $975,000 to make the account last 30 years
Claire has a retirement account worth $975,000. The account draws 3.6% compounded monthly. A. How much can she withdraw each month and not change the balance? B. If she withdraws $2000 each month, what will be the value of the account in 20 years? C. How much can she withdraw from the $975,000 to make the account last 30 years
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Claire has a retirement account worth $975,000. The account draws 3.6% compounded monthly.
A. How much can she withdraw each month and not change the balance?
B. If she withdraws $2000 each month, what will be the value of the account in 20 years?
C. How much can she withdraw from the $975,000 to make the account last 30 years?
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