GenaroK275714 GenaroK275714

26-10-2022
Mathematics

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You have $500,000 saved for retirement. Your account earns 9% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?

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LaylanieL467621 LaylanieL467621

26-10-2022

Interest = $500,000 x 0.09 = $45,000

Monthly Withdrawal = Interest/ 12 = $45,000/12 = $3,750

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