Question 1179080
Let's break this problem into two parts:

**Part 1: Calculate the Accumulated Value of Grandma's Deposits**

1.  **Monthly Deposit:** $1300
2.  **Number of Deposits:** 23
3.  **Interest Rate:** 9.3% convertible monthly (0.093 / 12 = 0.00775 per month)

We'll use the future value of an ordinary annuity formula:

FV = P * [((1 + r)^n - 1) / r]

Where:

* FV = Future Value
* P = Periodic Payment ($1300)
* r = Interest Rate per Period (0.00775)
* n = Number of Periods (23)

FV = 1300 * [((1 + 0.00775)^23 - 1) / 0.00775]
FV = 1300 * [(1.00775^23 - 1) / 0.00775]
FV = 1300 * [(1.196398246 - 1) / 0.00775]
FV = 1300 * [0.196398246 / 0.00775]
FV = 1300 * 25.3416
FV ≈ $32944.08

**Part 2: Calculate the Monthly Withdrawal Amount**

1.  **Accumulated Value (Present Value for Withdrawals):** $32944.08
2.  **Number of Withdrawals:** 58
3.  **Interest Rate:** 9.3% convertible monthly (0.093 / 12 = 0.00775 per month)

We'll use the present value of an annuity due formula since withdrawals are at the beginning of each month:

PV = M * [(1 - (1 + r)^-n) / r] * (1 + r)

Where:

* PV = Present Value ($32944.08)
* M = Monthly Withdrawal Amount
* r = Interest Rate per Period (0.00775)
* n = Number of Periods (58)

Rearrange the formula to solve for M:

M = PV / [((1 - (1 + r)^-n) / r) * (1 + r)]

M = 32944.08 / [((1 - (1.00775)^-58) / 0.00775) * (1.00775)]
M = 32944.08 / [((1 - 0.62791485) / 0.00775) * 1.00775]
M = 32944.08 / [(0.37208515 / 0.00775) * 1.00775]
M = 32944.08 / [48.010987 * 1.00775]
M = 32944.08 / 48.382093
M ≈ $681.09

**Answer:**

You will be able to withdraw approximately $681.09 each month.