Anonymous
Anonymous asked in Science & MathematicsMathematics · 4 months ago

compound interest math problem?

Steven has a retirement portfolio valued at $260 000 that earns 6.24% interest compounded monthly. How much money can Steven withdraw each month without affecting the original investment?

3 Answers

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  • ted s
    Lv 7
    4 months ago

    WOW , monthly ??.....then 260,000 x 0.0624 dollars...better than 16 K...of course you meant 6.24 % / yr...so then 260,000 x 0.0624/12 ...$1352

  • alex
    Lv 7
    4 months ago

    =monthly interest =(6.24% / 12) of 260 000 =$1352

  • 4 months ago

    $260,000 * (6.24/100) / 12 = $1,352.00

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