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Present Values, Future values and monthly compounding of Chris's investments

On January 1st 1990, Chris invested $4,000,000 at a rate of 6% p.a. compounded monthly. Commencing with the first withdrawal on January 31st 1997, he has withdrawn $117, 572 at the end of each month to pay for his medical expenses. If this continues, on what date will the money run out?

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On January 1st 1990, Chris invested $4,000,000 at a rate of 6% p.a. compounded monthly. Commencing with the first withdrawal on January 31st 1997, he has withdrawn $117, 572 at the end of each month to pay for his medical expenses. If this continues, on ...

Solution Summary

The solution presents two ways to compute the answer: formula and using a financial calculator.

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