You retire at age 66 and expect to live another 25 years.On the day you retire,you have $128,500 saved.You expect to earn 4.5 percent,compounded monthly.How much can you withdraw from your savings each month if you plan to die on the day you spend your last penny?

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Quizplus · Accepted Answer

$128,500 = C{1 - 1 / [1 + (0.045 / 12)]^25×12} / (0.045 / 12) C = $714.24 11ea6c22_9309_27fe_9716_fd998ae34e97_TB1200_00

You Retire at Age 66 and Expect to Live Another