Explain what is apr for a fund

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Reference no: EM13180719

Chidnma is retiring this year. Beside social security, he will have a $500,000 retirement fund to draw from. The fund has an APR of 4.25% compounded monthly.
How much can he withdraw at the end of each month to have the fund last 20 years?
How many years will the fund last if he withdraws $100,000 up front for a vacation condominium and then withdraws $2,000 at the end of each month.

Reference no: EM13180719

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