I have just retired and I notice in my retirement fund I have a balance of $2,000,000. I am thinking

I have just retired and I notice in my retirement fund I have a balance of $2,000,000. I am thinking

Question:

I have just retired and I notice in my retirement fund I have a balance of $2,000,000. I am thinking I will probably live another 30 years (360 months). I feel very comfortable that my fund will continue to earn 5% over the remainder of my life. I want to leave a surplus of about $500,000 at the end of my life in 30 years. About how much can I safely withdraw each month and end up with the desired surplus?Don’t use graphing calculator, show equations used.

Expert Answer:

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To calculate how much you can safely withdraw each month to end up with a desired surplus of 500 000
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