Question
You want to retire on the day you have $2,000,000 in your savings account. You expect to earn 4 percent, compounded monthly, on your money
You want to retire on the day you have $2,000,000 in your savings account. You expect to earn 4 percent, compounded monthly, on your money during your retirement. Your plan is to withdraw $5,700 a month as retirement income from this account.
How many years can you be retired until you run out of money?
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
