A woman, with her employer's matching program, contributes $500 at the end of each month to her retirement account, which earns 6% interest, compounded monthly. When she retires after 40 years, she plans to make monthly withdrawals for 32 years. If her account earns 4% interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running out of money)? The maximum possible monthly withdrawal is approximately $

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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A woman, with her employer's matching program, contributes $500 at the end of each month to her
retirement account, which earns 6% interest, compounded monthly. When she retires after 40 years, she plans to
make monthly withdrawals for 32 years. If her account earns 4% interest, compounded monthly, then when
she retires, what is her maximum possible monthly withdrawal (without running out of money)?
The maximum possible monthly withdrawal is approximately $.
(Simplify your answer. Round to the nearest cent as needed.)
Transcribed Image Text:A woman, with her employer's matching program, contributes $500 at the end of each month to her retirement account, which earns 6% interest, compounded monthly. When she retires after 40 years, she plans to make monthly withdrawals for 32 years. If her account earns 4% interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running out of money)? The maximum possible monthly withdrawal is approximately $. (Simplify your answer. Round to the nearest cent as needed.)
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