# SOLUTION: you have \$300,000.00 saved for retirement, your account earns 10% interest. how much will you be able to pull out each month if you want to be able to take withdrawals for 20 years

Algebra ->  Algebra  -> Finance -> SOLUTION: you have \$300,000.00 saved for retirement, your account earns 10% interest. how much will you be able to pull out each month if you want to be able to take withdrawals for 20 years      Log On

 Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations! Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

 Algebra in Finance Solvers Lessons Answers archive Quiz In Depth

 Question 326643: you have \$300,000.00 saved for retirement, your account earns 10% interest. how much will you be able to pull out each month if you want to be able to take withdrawals for 20 years? Answer by rfer(12662)   (Show Source): You can put this solution on YOUR website!P=(300000*.1/12*(1+.1/12)^240)/(1+.1/12)^240-1 P=(300000*.00833*7.27)/6.32226 P=18167.73/6.32226 P=2873.61 per month