Withdraw each month during his retirement

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Reference no: EM131543511

Berndt just turned 45 years old, and he plans to work unti he is 67 years old. He thinks that he can safely save $500 at the end of every month during his remaining work years. His retirement account (current balance of $250,000) earns 7.5% compounded monthly. If Berndt plans to live to age 82, how much will he be able to withdraw each month during his retirement? (Please no formulas. We did not learn using formulas. We solve problems using a financial calculator, so we us N, I/y, PV, PMT, FV. )

Reference no: EM131543511

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