SOLUTION: You have $ 750,675 saved for retirement. Your account earns 5.3 % interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 19 year

Question 1182491: You have $ 750,675 saved for retirement. Your account earns 5.3 % interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 19 years?

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
present value = 750,675
interest rate per year = 5.3%
interest rate per month = 5.3/12 = .441666666...% per month
future value = 0
number of months = 19 years * 12 = 228
payments are made at the beginning of each month.
required payments at the beginning of each month are 5207.49. *****
use a financial calculator like the one round at https://arachnoid.com/finance/index.html here's a display of your inputs.

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