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How much is the size of each monthly withdrawal

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Reference no: EM132864857

Problem 1: For the next 10 years, you are going to make monthly withdrawals at the beginning of each month from the account that currently has $100,000. If the rate of return is 8% compounded monthly, how much is the size of each monthly withdrawal?

Multiple Choice

Option 1: $1,213.28
Option 2: $1,113.28
Option 3: $900.00
Option 4: $1,205.24
Option 5: $1,149.92

Reference no: EM132864857

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