You have just inherited $30,000 today and you decide to use this money to “live on” for the next four years. Suppose that you plan to withdraw equal amounts at the end of each month and use up the entire $30,000 by the end of the four-year period. If your bank account has a 3% APR, how much can you withdraw each month for the next 4 years? (To nearest whole $) Show how you got your answer

(A) $589 

(B) $664 

(C) $1,187 

(D) $2,541

Answer rating: 100% (QA)

Here Present Value of the annuity P ... View the full answer