You won 2nd place in the Wintario Lottery and just received your $375,000 cheque today! You have decided to deposit all the funds into your 6 ¼ % compounded semi-annually savings account AND start making end of month withdrawals. If you would like the monthly payments to last exactly 30 years (before the money runs out):
a. How large can those payments (or withdrawals) be?
b. How much interest would you earn over the 30 years?

Answer rating: 100% (QA)

a How large can those payments or withdrawals be To calculate the monthly payments we can use ... View the full answer