Sang-Shin retired at age 70 with $948,716 in savings. He expects to live off that savings for 22 years, earning 4.2% (compounded monthly) on the amount that remains, but using up the entire amount of savings by the end of the 22 years. Assuming he withdraws the same amount from his savings each month, how much will each month's withdrawal amount be? (Rounding to the nearest dollar is fine, but don't enter the '$' sign. Enter the amount as a positive number.)

Sang-Shin retired at age 70 with $948,716 in savings. He expects to live off that savings for 22 years, earning 4.2% (compounded monthly) on the amount that remains, but using up the entire amount of savings by the end of the 22 years. Assuming he withdraws the same amount from his savings each month, how much will each month's withdrawal amount be? (Rounding to the nearest dollar is fine, but don't enter the '$' sign. Enter the amount as a positive number.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 14P

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