SOLUTION: You have $500,000 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

Algebra ->  Finance -> SOLUTION: You have $500,000 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      Log On


   

Question 1163415: You have $500,000 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
Answer by ikleyn(52937) About Me  (Show Source):
You can put this solution on YOUR website!
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To solve the problem  PROPERLY,  a compound period must be specified.