You know you will have $500,000 in your account when you retire. You want to be able to take monthly withdrawals from the account for a total of 18 years. Your retirement account earns 4% interest. How much will you be able to withdraw each month?

In this example, We're looking for d r = 0.04 k = 12 N = 18 Po=$500,000 8% annual rate since we're withdrawing monthly 18 years we are beginning with $500,000

You know you will have $500,000 in your account when you retire. You want to be able to take monthly withdrawals from the account for a total of 30 years. Your retirement account earns 8% interest. How much will you be able to withdraw each month? In this example, We're looking for d. r=0.08k=12N=30P0=$500,000 8% annual rate since we're withdrawing monthly 30 years we are beginning with $500,000