How much money can he withdraw each month

Reference no: EM13178271

Gary has just retired, and has 1000000 dollars in his retirement account. The account will earn interest at an annual rate of 5 percent, compounded monthly.

At the end of each month, Gary will withdraw a fixed amount to cover his living expenses.

Gary wants his savings to last exactly 25 years. How much money can he withdraw each month?

Reference no: EM13178271

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