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How much could withdraw at the beginning of each month

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Problem 1: Ronnie has $475,000 and wants to retire. He came to you for some advice. He believes he will live another 30 years and has found an investment that would earn him 16% interest, compounded quarterly. He wants to withdraw monthly from this investment during his retirement years. How much could he withdraw at the beginning of each month for the next 30 years and end up with zero in the account? (Note first withdrawal is today).

a. $6,307.72
b. $6,225.79
c. $6,387.60
d. $6,303.55
e. $18,269.24

Reference no: EM132836821

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