6. Suppose you accumulated $250,000, perhaps from many years of saving. You put the money in a savings plan earning 3% compounded monthly. If you want to live off the interest without disturbing the $250,000 balance, what amount can you withdraw at the beginning of each month?

Suppose you accumulated $250,000, perhaps from many years of saving. You put the money in a savings plan earning 3% compounded monthly. If you want to live off the interest without disturbing the $250,000 balance, what amount can you withdraw at the beginning of each month? Suppose you accumulated $250,000, perhaps from many years of saving. You put the money in a savings plan earning 3% compounded monthly. If you want to live off the interest without disturbing the $250,000 balance, what amount can you withdraw at the beginning of each month