document.write( "Question 1160111: You have $300,000 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 25 years?
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Algebra.Com's Answer #783259 by ikleyn(52786) $\"\"$ $\"About$

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document.write( "Use the general formula  A = .\r\n" );
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document.write( "Here A is the initial amount at the account; W is the monthly withdrawn value; r is the nominal monthly percentage r = 0.1/12; \r\n" );
document.write( "presented as a decimal;  p = 1 + r  and n is the number of withdrawing periods (months, in this case).\r\n" );
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document.write( "In this problem,  W is the unknown;  the monthly rate is  r = 0.10/12 = 0.00833,  p = 1 + 0.00833 = 1.00833, the number of payment \r\n" );
document.write( "periods (= the number of months) is n = 25*12 = 300.  So\r\n" );
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document.write( "          300000 = .\r\n" );
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document.write( "The factor   is equal to 110;  therefore\r\n" );
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document.write( "           W =  = 2727 dollars  (rounded to the closest lesser dollar).\r\n" );
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document.write( "Thus you will be able to withdraw about $2727 every month during 25 years..\r\n" );
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\n" ); document.write( "\n" ); document.write( "In this site, there is a group of lessons associated with annuity saving plans and retirement plans. They are\r
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\n" ); document.write( "\n" ); document.write( "    - Ordinary Annuity saving plans and geometric progressions\r
\n" ); document.write( "\n" ); document.write( "    - Annuity Due saving plans and geometric progressions\r
\n" ); document.write( "\n" ); document.write( "    - Solved problems on Ordinary Annuity saving plans \r
\n" ); document.write( "\n" ); document.write( "    - Withdrawing a certain amount of money periodically from a compounded saving account (*)\r
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\n" ); document.write( "\n" ); document.write( "From these lessons, you can learn the subject and can see many similar solved problems.\r
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\n" ); document.write( "\n" ); document.write( "The closest lesson to your problem is marked (*) in the list.\r
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