How much can you withdraw each month of your retirement

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Reference no: EM132007712

1. You currently have $350,000 saved in your retirement account and plan to save $1,500 per month until you retire in 35 years. If you earn 9% APR until you retire, how much can you withdraw each year for 30 years in your retirement if you earn 6% during your retirement??

A. $346,003

B. $157,920

C. $907,012

D. $801,149

2. If you save $800 per month for the next 40 years at 10% annual interest and then retire, how much can you withdraw each month of your retirement for 28 years if you earn 5% during your retirement?

A. $28,007

B. $36,851

C. $1,107

D. $13,486

Reference no: EM132007712

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