William expects to live for another 25 years after retirement. During those 25years, William plans towithdraw $4,000

Fantastic news! We've Found the answer you've been seeking!

Question:

William expects to live for another 25 years after retirement. During those 25 years, William plans to withdraw $4,000 living expense from his superannuation fund at the beginning of each month.

How much is the minimum superannuation balance William needs when he retires? Assume his superannuation fund delivers 11.6% p.a. rate of return, compounded monthly?