A woman, with her employer's matching program, contributes $400 at the end of each month to her retirement account, which earns 5 % interest, compounded monthly. When she retires after 42 years, she plans to make monthly withdrawals for 31 years. If her account earns 4 % interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running but of money)? The maximum possible monthly withdrawal is approximately (Simplify your answer. Round to the nearest cent as needed.)

A woman, with her employer's matching program, contributes $400 at the end of each month to her retirement account, which earns 5 % interest, compounded monthly. When she retires after 42 years, she plans to make monthly withdrawals for 31 years. If her account earns 4 % interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running but of money)? The maximum possible monthly withdrawal is approximately (Simplify your answer. Round to the nearest cent as needed.)

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter2: Career Planning

Section: Chapter Questions

Problem 3DTM

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