You have not said if the 7% is APR, how it is accrued - yearly or monthly - and if you want to touch the capital invested or not.
Assuming it is 7% APR compounded accrued monthly, then:
Let p be the APR (p = APR% / 100)
Let r be the multiplier for each month; it is found as: (1 + p)^(1/12)
Let D be the amount you withdraw.
Let C be the amount you invest.
Assuming you withdraw at the end of each month after the interest is paid:
At the end of the first month you will have Cr - D
At the end of the second month you will have (Cr - D)r - D = Cr² - Dr - D
At the end of the third month you will have (Cr² - Dr - D)r - D = Cr³ - Dr² - Dr - D
At the end of the nth month you will have:
Crⁿ - Drⁿ⁻¹ - Drⁿ⁻² - ... - Dr - D
= Crⁿ - D(rⁿ⁻¹ + rⁿ⁻² + ... + r + 1)
Now, the sum of a GP is given by:
Sn = rⁿ⁻¹ + rⁿ⁻² + ... + r + 1 = (rⁿ - 1)/(r - 1)
→ At the end of month n you will have Crⁿ - D(rⁿ - 1)/(r - 1) left in you account.
25 years = 25 × 12 month = 300 months
→ n = 300
You have an APR of 7% → r = 1.07^(1/12)
C = 300,000
You cannot take out more than is left in your account
→ Crⁿ - D(rⁿ - 1)/(r - 1) ≥ 0
→ D(rⁿ - 1)/(r - 1) ≤ Crⁿ
→ D ≤ Crⁿ(r - 1)/(rⁿ - 1)
→ D ≤ 300,000 × (1.07^(1/12))^300 × (1.07^(1/12) - 1)/((1.07^(1/12))^300 - 1)
→ D ≤ 2,079.36 (approx)
Which means you can take out up to 2,079.36 per month and it will last 25 years. (This will leave a few pennies as the real figure is slightly more than this but less than 2,079.37)
If you take out less than this figure, it will last 25 years and you will still have some capital left.
If you take out 300,000 × (1.07^(1/12) - 1) ≈ 1,696.24 each month, this is the monthly interest gained and so the capital will still be there after 25 years (even though it will be worth a lot less due to inflation - at 7% inflation prices double every 10 years, so if you get 7% interest, inflation is likely to be higher which means after 25 years your 300,000 will only be worth about 90,000 in today's money).
95% of 300000= 95% * 300000= 0.95 * 300000= 285,000
8% of 300000 = 300000*8/100 = 24000
If the interest is simple interest, then the 300,000 earns an additional 270,000 in 30 years (on top of the principle). If the interest is compound interest paid annually, then the 300,000 earns an additional 428,178.74 in 30 years (on top of the principle).
It is 300000.
It is 300000.
The average amount saved in a 401(k) by those in their 60s is around $195,500. However, this amount can vary widely depending on factors such as income level, years of contributions, and investment choices. It's recommended to consult a financial advisor to determine an appropriate savings goal for retirement.
300000
The answer depends on the interest rates on offer and these will vary between lending establishments and between countries.
The equation is: 300000 x (1 + 0.1)25 which equals 3250411.8
37%
100,000
It would come out to about $250 a month at 1% per annum.
95% of 300000= 95% * 300000= 0.95 * 300000= 285,000
80% of 300000 = 240000 = 80% * 300000 = 80%/100% * 300000 = 240000
1/64 of 300000 = 300000/64 = 4687.5
8% of 300000 = 300000*8/100 = 24000
50% of 300000 = 0.5 x 300000= 150000