Question

You have $400,000.00 saved for retirement. Your account earns 4% interest compounded annually.

How much will you be able to pull out each year, if you want to be able to take withdrawals for 15years?

I will be able to pull out ____
each year for 15 years.

Answer 1

p ( 1+ r/ 100)^t

40,0000.00 = (1+ 4% / 100)^15

400,000.00 = (104 / 100)^15

400,000.00=( 26 /25)^15 .... now you calculate and find the answer...

Explanation:

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