Homework Answers
Answer is $1,546.75
Amount saved = $287,409
Period after retirement = 32 years or 384 months
Annual interest rate = 5.25%
Monthly interest rate = 0.4375%
Let monthly withdrawals be $x
$287,409 = $x/1.004375 + $x/1.004375^2 + … + $x/1.004375^383 +
$x/1.004375^384
$287,409 = $x * (1 - (1/1.004375)^384) / 0.004375
$287,409 = $x * 185.815277
$x = $1,546.75
Monthly withdrawals = $1,546.75
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