How much money can she withdraw each month

Reference no: EM13180229

Sharon has just retired, and has 250000 dollars in her retirement account. The account will earn interest at an annual rate of 5 percent, compounded monthly.

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

Sharon wants her savings to last exactly 25 years. How much money can she withdraw each month?

Reference no: EM13180229

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