Nadine is retiring at age 62 and expects to live to age 85. On the day she retires, she has $1,650,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings each month if she plans on giving $300,000 to her grandson on the morning of her death? PLEASE SHOW WORK
Nadine is retiring at age 62 and expects to live to age 85. On the day she retires, she has $1,650,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings each month if she plans on giving $300,000 to her grandson on the morning of her death? PLEASE SHOW WORK
Nadine is retiring at age 62 and expects to live up to 85 years.
She has $1,650,000 in her retirement savings account.
She wants to earn 6% during her retirement years.
she plans on giving $300,000 to her grandson on the morning of her death
How much can she withdraw from her retirement savings each month?
Retirement period =23 years
Retirement period =23 × 12=276 months
Annual interest =6%
Monthly interest =6/12 = 0.5
Present value factor = =
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