SOLUTION: you have $300,000.00 saved for retirement, your account earns 10% interest. how much will you be able to pull out each month if you want to be able to take withdrawals for 20 years

Algebra ->  Finance -> SOLUTION: you have $300,000.00 saved for retirement, your account earns 10% interest. how much will you be able to pull out each month if you want to be able to take withdrawals for 20 years      Log On


   

Question 326643: you have $300,000.00 saved for retirement, your account earns 10% interest. how much will you be able to pull out each month if you want to be able to take withdrawals for 20 years?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
P=(300000*.1/12*(1+.1/12)^240)/(1+.1/12)^240-1
P=(300000*.00833*7.27)/6.32226
P=18167.73/6.32226
P=2873.61 per month