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g You retire at age 67 and expect to live another 20 years. On the day you retire, you have $900,000 in your retirement savings account. You are conservative and expect to earn 4% on your money during your retirement. How much end of the month withdrawals can you withdraw from your retirement savings if you plan to die on the day you spend your last penny?

Respuesta :

Answer:

$5,435

Explanation:

Present value (PV) of your wealth at age 67 = $900,000

n = 20 years = 240 months

i/r = 4% / year = 0.33% / month

Future value (FV) of your wealth in 20 years = 0 (You plan to spend the last penny before dieing)

PMT (Monthly withdrawals able to make) = ?

By using financial calculator, PMT = $5,435

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