Nadine Is Retiring at Age 62 and Expects to Live

question 114

Multiple Choice

Nadine is retiring at age 62 and expects to live to age 85.On the day she retires,she has $402,000 in her retirement savings account.She is somewhat conservative with her money and expects to earn 6 percent during her retirement years.How much can she withdraw from her retirement savings each month if she plans to spend her last penny on the morning of her death?

• A)$1,909.92
• B)$2,147.78
• C)$2,219.46
• D)$2,416.08
• E)$2,688.77

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