You have $400,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?
Ans $ 2338.36
Annuity PV Factor = | P [ 1 - ( 1 + r )-n ] |
r | |
400000 = | P* ( 1 - ((1 / (1 + 5%/12)^300))) |
5%/12 | |
400000 = | 0.712750196003776 * P |
0.00416666666666667 | |
P = | 400000 * 0.00416666666666667 / 0.712750196003776 |
P = | 2338.36 |
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