The Martins have been saving and are ready to retire. They have a total of $ 1,200,000 in their account, which they plan to live on for the next 20 years. How much can they withdraw from the account every six months if the interest rate is 2% per annum, compounded semi-annually?

Answer rating: 100% (QA)

To calculate the semiannual withdrawal amount we can use the formula for the present value of an ann... View the full answer