You have $30,000 in your retirement fund that is earning 5.5 percent per year, compounded quarterly. How many dollars in withdrawals per month would reduce this nest egg to zero in 30 years? (Use Exhibit 18-16.)

You have $30,000 in your retirement fund that is earning 5.5 percent per year, compounded quarterly. How many dollars in withdrawals per month would reduce this nest egg to zero in 30 years? (Use Exhibit 18-16.) Answer is complete but not entirely correct. Exhibit 18-16 Dipping into your nest egg Dipping into savings isn't wrong; however, you must do so with caution. Note: Based on an interest rate of 5.5 percent per year, compounded quarterly. Source: Select Committee on Aging, U.S. House of Representatives