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You are planning your retirement in 10 years. You plan to retire with $3,000,000 and your retirement account carns 4.8% compounded monthly. After you retire,
You are planning your retirement in 10 years. You plan to retire with $3,000,000 and your retirement account carns 4.8% compounded monthly. After you retire, you plan on withdrawing S15,000 per month from your account until you have nothing left. How many years can you live off your retirement account after you retire?
please show step by step, I believe I need to use ln at some point but its got me confused.
FV annuity formula
FV= [(C) [(1+r)^n - 1]] / r
and PV annuity formula
PV = [C (1-(1/(1+r)^n)] / r
Im trying to figure this out step by step on paper with using a scientifc calculator.
OOO = 3,000, 1.004 =(0) -> [i-vodou 3m = 15,000 [!-clown = (1.004) 004 200 = .8 = [1 - Clooma (1.000 n In 1.004 I think i am way off on my steps
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