SOLUTION: Uncle Moneybags has $500,000 saved for retirement. He has an account earning 6% interest. If Uncle Moneybags wants to be able to make withdrawals for 15 years, how much can he with

Algebra ->  Finance -> SOLUTION: Uncle Moneybags has $500,000 saved for retirement. He has an account earning 6% interest. If Uncle Moneybags wants to be able to make withdrawals for 15 years, how much can he with      Log On


   

Question 1209858: Uncle Moneybags has $500,000 saved for retirement. He has an account earning 6% interest. If Uncle Moneybags wants to be able to make withdrawals for 15 years, how much can he withdrawal each month? Round to the nearest cent.
Answer by CPhill(1959) About Me  (Show Source):
You can put this solution on YOUR website!
Uncle Moneybags can withdraw $4,219.28 each month for 15 years.