Chidnma is retiring this year. Beside social security, he will have a $500,000 retirement fund to draw from. The fund has an APR of 4.25% compounded monthly.
How much can he withdraw at the end of each month to have the fund last 20 years?
How many years will the fund last if he withdraws $100,000 up front for a vacation condominium and then withdraws $2,000 at the end of each month.