You have $300,000 saved for retirement. Your account earns 7% interest. How much will you be...

You have $300,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?

$

Expert Solution

PV =

r = 7%/12 = 0.5833% (monthly), n = 25 * 12 = 300 months

300,000 = P * 141.4869

P = $2,120.34

jeff jeffy answered 2 years ago

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