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Kevin retired on 1/1/2020 and started to withdraw $2500 at the end of each month from...

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Statistics

Kevin retired on 1/1/2020 and started to withdraw $2500 at theend of each month from an account (which earns 2.35% interestcompounded monthly) containing $439,979.16. If Kevin keeps onmaking the set withdrawal and the interest rate remains the same,then the account should last for ___ years. The total interest thatKevin earns from the account (from the time that he startswithdrawing the $2500 to the very last withdrawl that he makes)would be $____.

Answer & Explanation Solved by verified expert
3.8 Ratings (631 Votes)
Use the formula NPER23512250043997916 in Excel to getto know the time    See Answer
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