Question
Yasmin retires at age 60 with $500,000 in her savings fund. She rolls the money into an annuity fund earning 5.25% pa interest compounded monthly.
Yasmin retires at age 60 with $500,000 in her savings fund. She rolls the money into an annuity fund earning 5.25% pa interest compounded monthly.
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How long will Yasmins money last if she withdraws $6000 per month?
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If Yasmin wants her money to last for 25 years, how much can she afford to withdraw per month?
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Personal Finance
Authors: McGraw Hill
Student Edition
0078958393, 978-0078958397
