How much money can she withdraw each month

Reference no: EM13199235

Sharon has just retired, and has 1000000 dollars in her retirement account. The account will earn interest at an annual rate of 6 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 30 years. How much money can she withdraw each month?

Reference no: EM13199235

Questions Cloud

What will be the welfare effect of a decrease in land used : China and Japan have two factors of production, land and labor. Both countries produce two goods: corn, which requires more land and computers, which requries more labor. Given that China is abundant in land and Japan is abundant in labor.

Changing of the technologies involved in their art : What extent do the artists contribute to the shaping and changing of the technologies involved in their art? What is the relation between artistic styles and the technology used for the respective art? Why and give an example?

What is the natural length l of the spring : If 5 J of work are needed to stretch a spring from 10 cm to 11 cm and 7 J are needed to stretch it from 11 cm to 12 cm, what is the natural length L of the spring?

State level of bias and stereotypes : You have the ability to choose three or four books for your students. Based on what you have learned in this course, how can you assess the level of bias and stereotypes in the contents of these texts?

How much money can she withdraw each month : Sharon has just retired, and has 1000000 dollars in her retirement account. The account will earn interest at an annual rate of 6 percent, compounded monthly.

Calculate the rate of return on equity : Explain why companies tend to prefer internal to external funds when financing profitable investment projects. Draw on existing theories and relevant empirical findings.

The feeding tube : June, a 34-year-old divorced woman diagnosed with severe anorexia, is hospitalized. Her doctors feel she may need to be placed on a feeding tube soon to save her life. Initially June agreed to the feeding tube. However, in the evening (before the tub..

Does gdp represent a violation of that equivalency : Suppose the only firm in an economy produces $10 worth of final goods in a year and only sells $9 of goods that year. We know that GDP can be equivalently be thought of as either total spending on new goods and services in an economy.

How many yards is the side of the initial square : A square's side is increased by 7 yards, which corresponds to an increase in the area by 217 square yards. How many yards is the side of the initial square?

User Account

All Pages