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Calculate how long a 500,000 dollar retirement account earning 6% would last if 41k is taken out each yr?
Could someone please help me figure this out? Be sure to be specific and include the numbers needed. Thanks!!!!!
1 Answer
- 1 decade agoFavorite Answer
in order to solve this problem all you need is a financial calculator. your present value (PV) is 500,000. Your interest rate (I/Y) is 6% yearly. your payment (PMT) is -41,000. your future value (FV) is 0. solve for number of periods (N) and your answer is 22.58. So you could take out 41k for 22 years, and you would have $22,684.81 left over.
Source(s): Finance major at college
