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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Paula Thomas asked Oct 18, 2023

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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?

Mathematics
high-school

Paula Thomas asked Oct 18, 2023

by Paula Thomas

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

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

Ewan Heming answered Oct 24, 2023

by Ewan Heming

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