Derek has just retired, and has 250000 dollars in his retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly. At the end of each month, Derek will withdraw a fixed amount to cover his living expenses. Derek wants his savings to last exactly 20 years. How much money can he withdraw each month?

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Derek has just retired, and has 250000 dollars in his retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly. At the end of each month, Derek will withdraw a fixed amount to cover his living expenses. Derek wants his savings to last exactly 20 years. How much money can he withdraw each month?

Mathematics
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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