Nadine is retiring today at age 65 and expects to live to age 85. She has $536,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent compounded monthly during her retirement years. How much can she withdraw from her retirement savings each month if she plans completely empty the account?

A) ​$3,840
B) ​$46,731
C) ​$1,160
D) ​$4,673

Retirement Savings

Retirement savings are funds that individuals set aside during their working years to support themselves financially during retirement, often utilizing accounts like 401(k)s or IRAs.

Compounded Monthly

This refers to the technique of computing interest monthly by taking into account not just the initial amount invested but also the interest that has been accrued in earlier periods.