You have $400,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you
1 answer:
You will be able to pull out $2865.724 each month.
Interest rate is the amount of interest per period on an amount lent, deposited, or borrowed (called the principal). The total interest on the amount lent or borrowed depends on the principal amount, the interest rate, the frequency of compounding interest, and the length of the term of the loan, deposit, or borrowing.
The annual Interest Rate is the interest rate for one year. Other rates apply for other periods. B. One month or one day, but usually annualized.
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