Clarence has a retirement fund of $300,000 that earns 11% compounded monthly. His plan is to withdraw $3,000 at the end of every month for 12 years and then increase the monthly withdrawals to $5,000. How many $5,000 withdrawals will he be able to make?

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Clarence's retirement fund grows with monthly compounding interest. First, calculate the future value of the fund after 12 years of $3,000 withdrawals. Then, determine how many $5,000 withdrawals can be made until the fund is depleted. The calculations show that he can make 59 withdrawals of $5,000.

Clarence Has a Retirement Fund of $300,000 That Earns 11