document.write( "Question 1198148: You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years? \n" ); document.write( "
Algebra.Com's Answer #837720 by mananth(16946)\"\" \"About 
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You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?\r
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\n" ); document.write( "\n" ); document.write( "\"PMT+=+PV+%2A+%28r+%2F+%281+-+%281+%2B+r%29%5E%28-n%29%29%29\"\r
\n" ); document.write( "\n" ); document.write( "Where:
\n" ); document.write( "PMT = Payment per period
\n" ); document.write( "PV = Present value
\n" ); document.write( "r = Interest rate per period
\n" ); document.write( "n = Total number of periods\r
\n" ); document.write( "\n" ); document.write( "Here
\n" ); document.write( "PV = $300,000
\n" ); document.write( "r = 8% / 12 = 0.006666667 per month
\n" ); document.write( "n = 15 years x 12 = 180 months\r
\n" ); document.write( "\n" ); document.write( "PMT = (300,000 *0.006666667) / ((1 - (1 + 0.006666667)))^(-180) = $2,786.53\r
\n" ); document.write( "\n" ); document.write( "$2,786.53 per month can be withdrawn for 15 years
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