SOLUTION: You have $400,000 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 $400,000 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 1202840: You have $400,000 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 Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
you will be able to withdraw 3822.61 at the end of each month for 180 months.

i used the online calculator at https://arachnoid.com/finance/ to get these results.

inputs were:
present value = -400,000
future value = 0
number of time periods = 15 years * 12 months per year = 180 months.
interest rate per time period = 8 / 12 = .666666666666667% per momth.
payments are made at the end of each time period.
output was payment per time period.

here' what the results looked like.