Taylor has a retirement account that pays 4% per year compounded monthly. Every month for 20 years,
Fantastic news! We've Found the answer you've been seeking!
Question:
Taylor has a retirement account that pays 4% per year compounded monthly. Every month for 20 years, Taylor deposits $444, with the first deposit at the end of month 1 The day the last deposit is made, the interest rate increases to 6% per year compounded monthly. During retirement, Taylor plans to make equal monthly withdrawals for 15 years, thus depleting the account. The first withdrawal occurs one month after the last deposit. How much can be withdrawn each month?
Related Book For
Essentials of Corporate Finance
ISBN: 978-0078034756
8th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
Posted Date: