document.write( "Question 1201515: You have $500,000 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 20 years?
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Algebra.Com's Answer #835915 by mananth(16946) $\"\"$ $\"About$

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In twenty years he will withdraw monthly
\n" ); document.write( "P 500 000
\n" ); document.write( " n=years = 20
\n" ); document.write( "r=Rate = 0.07\r
\n" ); document.write( "\n" ); document.write( "A = monthly withdrawl\r
\n" ); document.write( "\n" ); document.write( " $\"+A+=P%2A%28+i%2A%281%2Bi%29%5En%29%29%2F%28%281%2Bi%29%5En+-1%29%29\"$ \r
\n" ); document.write( "\n" ); document.write( "Plug the values to get the answer\r
\n" ); document.write( "\n" ); document.write( "A =500000*( 0.07*(1.07)^20))/((1.07)^20 -1)\r
\n" ); document.write( "\n" ); document.write( "= 135438.956/2.86968\r
\n" ); document.write( "\n" ); document.write( "=$47196.5361 can be withdrawn from the account
\n" ); document.write( " for 20 years\r
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