By the time you retire exactly at age 65 you will have saved…
By the time you retire exactly at age 65 you will have saved $350,000 into your diversified portfolio of mutual funds, bonds, and T-bills. You expect to move onto the Spirit world at exactly age 85. You do not want to have any money left over when you die. How much can you withdraw at the beginning of each month during the 20 years of retirement if your annual rate of return is 8.5%? (Ignore taxes and inflation.)