Question

Find the periodic withdrawals PMT for the annuity given. HINT [See Example 4.] (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.)
$350,000 at 5%, paid out monthly for 20 years

Answer 1

what does PMT stand for?

Answer 2

payments

Answer 3

i came up with 350,000 times 0.0041/ 1-(1+0.0041) to the -240 power

Answer 4

got it!

Answer 5

:)