You are retired, have $264,500 in your savings, withdraw $2,000 each month, and earn 4.5 percent, compounded monthly. How long will it be until you run out of money?
Money is a good that is frequently used as a medium of economic exchange. It serves as a means of expressing values and costs. It is the primary indicator of wealth since it moves from person to person and country to country, allowing trade.
Money is derived from the Latin word Moneta, which means "coin," through the French term Monnie. It is thought that the Latin phrase came from a temple dedicated to Juno on Capitoline, one of Rome's seven hills. Juno was frequently linked to money in ancient times.
Savings= $264,500
Withdraw= $2,000
The run out of money = $2,000 × [tex][(1 - {1 / [1 + (.045 / 12)]T}) / (.045 / 12)] ln1.983881[/tex]
= T × ln1.003750
= 183.02 months, or 15.25 years
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