Carolyn has just retired, and has $500000$ dollars in her retirement account. The account will earn interest at an annual rate of $8$ percent, compounded monthly.

At the end of each month, Carolyn will withdraw a fixed amount to cover her living expenses.

Carolyn wants her savings to last exactly $25$ years. How much money can she withdraw each month?

$($Give your answer in dollars, correct to the nearest cent.$)$

monthly withdrawal:

What is the maximum.amount.that.Carolyn can withdraw each month if she wants her savings to last indefinitely?

monthly withdrawal