[Solved] Today, You Are Retiring

Question 258
Multiple Choice

Today, you are retiring. You have a total of $518,304 in your retirement savings and have the funds invested such that you expect to earn an average of 6%, compounded monthly, on this money throughout your retirement years. You want to withdraw $3,500 at the beginning of every month, starting today. How long will it be until you run out of money?

A) 22.3 years
B) 23.6 years
C) 25.9 years
D) 28.1 years
E) 29.5 years

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