Math Problem Statement
ou have $500,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?
Solution
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Math Problem Analysis
Mathematical Concepts
Annuities
Interest Rates
Time Value of Money
Formulas
PMT = (P * r) / (1 - (1 + r)^-n)
Theorems
Annuity Formula
Suitable Grade Level
Grades 10-12
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