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Mr. R. V. Winkle has $ 2,000,000.00 the day he retires from Tree Protective Services. He plans on living 30 more years and then will
Mr. R. V. Winkle has $ 2,000,000.00 the day he retires from Tree Protective Services. He plans on living 30 more years and then will go to sleep without any further need for money. He can earn eigh13.8 percent on his money and wants to know what the maximum monthly amount he can withdraw that will ensure he does not run out of money before he goes to sleep. You calculate his maximum withdrawal to be:
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