Isamy has retired, she wants to start taking monthly withdrawals from her IRA that has been paying 6% interest. If she has saved a total of $500,000, how much money should she take out each month to have her money last 25 years? Round your answer to the nearest cent if necessary.

Answer rating: 100% (QA)

We may apply the formula for the monthly payment on an annuity to find the monthly wi... View the full answer