Any thoughts I’ve been working on this on for 4 days. I need to use an excel function to answer this question
Ellen is planning her retirement and has an annuity with a present worth of $500,000. Actuarial tables show that people who live to be 65 (her age) will on the average live 30 additional years. If the annuity will earn 6% interest compounded monthly, how much per month (equal amounts) can she withdraw over her 30 years of retirement. If she unexpectedly only lives 15 years, how much will be remaining in the annuity for her heirs?