You have $600,000 saved for retirement. your account earns 5.5% interest. how much, to the nearest dollar, will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?

See the attached formula (the "n" means number of years):

We know principal = $600,000 rate = .055 and "n" = 20

Annual Payout = Principal * rate * (1 +r)^n / [(1 + rate)^n  -1]

Annual Payout = 600,000 * .055 * (1.055)^20 / [{(1.055)^20}-1]

Annual Payout = 600,000 * .055 * 2.9177574906 / 1.9177574906

Annual Payout = 96,286.00 / 1.9177574906

Annual Payout = 50,207.60

To get a monthly payout we divide by 12 and get:

4,183.97 per month

Source:  https://www.1728.org/annupay2.htm   (formulas)

https://www.1728.org/annupay.htm (calculator)

Step-by-step explanation:

answer

you start with $5 and save $10 a week until you have at least $45wer

step-by-step explanation:

m∠5 + m∠3 = m∠1   is true.

m∠5 + m∠6 = 180 is true

m∠2 +m∠3 = m∠6   is true

m∠2 +m∠3 +m∠5 = 180   is true