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
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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?
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.
