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Cindy and Mike managed to save $522,000 in their retirement account, which earns 4.1 percent annual...

Cindy and Mike managed to save $522,000 in their retirement account, which earns 4.1 percent annual interest. They plan to live on this money and will begin withdrawing $6,000 per month out of the account until the money in the account is gone. How long, in months, will their money last? (Show your answer to two decimals, e.g., 12.34; fractional months are okay) Please show using Excel functions.

Nper
Rate
PV
FV
PMT
Nper
Rate
PV
FV
PMT
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Answer #1
Months to last money = nper(rate,pmt,pv,fv)
= 103.42 months
Working:
Where,
rate = 4.1%/12 = 0.003416667
pmt = $         6,000.00
pv = $ -5,22,000.00
fv = 0
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