You have $$300,000$ saved for retirement. Your account earns $7\mathrm{.}7\%$ interest.

How much will you be able to pull out each month, if you want to be able to take withdrawals for $20$ years?

First setup the question using the appropriate formula from your formula sheet:

Be sure to use parentheses as shown in class and $*$ to show multiplication:

LHS:

Hint

RHS: pymt

Hint

Now simplify the expressions from above and enter the final values for both sides below, keeping at least $6$ decimal places:

$=$ pymt

a$)$ How much will you be able to pull out each month, if you want to be able to take withdrawals for $20$ years?

$

Round to $2$ decimals and use rounded value to calculate part b$).$

b$)$ How much total money will you pull out of the account?

$

c$)$ How much of that money is interest?

$