Question
Asked Oct 29, 2019

You have $300,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?

$

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Step 1

It is given that the present value in the is $300,000, rate of interest is 7% and the number ...

The pay-out Annuity formula is given by
-NK
d1-1
k
k
Here, 0.07,k = 12,N 25, P = 300,000
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The pay-out Annuity formula is given by -NK d1-1 k k Here, 0.07,k = 12,N 25, P = 300,000

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