heyhi1234 heyhi1234

08-04-2018
Mathematics

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You receive an inheritance of $350,000 and deposit it in a savings plan that earns 3.4% compounded monthly. If you want to spend just the interest, without withdrawing any of the principal, what amount can you withdraw at the end of each month?

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sqdancefan sqdancefan

08-04-2018

The interest earned each month is
.. (3.4%)/12 * $350,000 ≈ $991.67

You can withdraw $991.67 without withdrawing any of the principal.

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