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You expect to have $1.100,000 in your 401(k) retirement fund when you retire at age 65. You expect this fund to be able to earn 4% interest per year (compounded monthly). How much can you withdraw from this fund each month if you want the fund to last for exactly 35 years? Answer:

You expect to have $1.100,000 in your 401(k) retirement fund when you retire at age 65. You expect this fund to be able to earn 4% interest per year (compounded monthly). How much can you withdraw from this fund each month if you want the fund to last for exactly 35 years? Answer:

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You expect to have $1.100,000 in your 401(k) retirement fund when you retire at age 65. You expect this fund to be able to earn 4% interest per year (compounded monthly). How much can you withdraw from this fund each month if you want the fund to last for exactly 35 years? Answer: x (4,871)
Transcribed Image Text:You expect to have $1.100,000 in your 401(k) retirement fund when you retire at age 65. You expect this fund to be able to earn 4% interest per year (compounded monthly). How much can you withdraw from this fund each month if you want the fund to last for exactly 35 years? Answer: x (4,871)
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