You have $974,722 in a retirement account that pays a nominal annual interest rate of 9%, compounded quarterly. If you plan to take a quarterly distribution for the next 19 years, how much could you withdraw each quarter?
The amount that can be withdrawn each quarter is calculated as:-
=PMT(rate,nper,pv)
=PMT(9%/4,19*4,974722)
=26887.29
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