Math Problem Statement
You have $400,000 saved for retirement. Your account earns 4% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?
Solution
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Math Problem Analysis
Mathematical Concepts
Annuities
Interest Rate
Present Value
Formulas
P = (r * PV) / (1 - (1 + r)^-n)
Theorems
Annuity Withdrawal Formula
Suitable Grade Level
Grades 11-12, College Level
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