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Answer:
$3,669.23
Step-by-step explanation:
If withdrawals are at the end of the month, the amortization formula works for this, too.
A = P(r/12)/(1 -(1 +r/12)^(-12t)
where P is the principal invested at rate r for t years.
A = $500000(0.063/12)/(1 -(1 +0.063/12)^(-12·20)) ≈ $3669.23
Beth can withdraw a monthly payment of $3,669.23 for 20 years.
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If the withdrawals are at the beginning of the month, the amount is lower by the monthly interest rate factor. It would be $3650.06.
