SOLUTION: You have $400,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?

Algebra ->  Finance -> SOLUTION: You have $400,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?      Log On


   

Question 1163466: You have $400,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?
Answer by ikleyn(52946) About Me  (Show Source):
You can put this solution on YOUR website!
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In order for the problem formulation be correct / (complete), the compound period must be specified.