Corey deposits 2300000 in a bank crediting interest at a nom

Corey deposits $23,000.00 in a bank crediting interest at a nominal rate of 4.8%4.8% compounded monthly. This deposit is just sufficient to permit him to make monthly withdrawals of X for 15 years, with first withdrawal today. Determine X. This is Financial Mathematics please use annuity formula. Answer is not 47184.15

Solution

A = P(1 + r/n)^(n*t)

A = ? = total amount

P = Principle Amount = 23000

r = 4.8%

n = 12

t = 15

A = 23000*(1+ 0.048/12)^(15*12)

A = 23000*(1 + 48/12000)^180

A = 23000*(1004/1000)^180

A = $47184.15 = total amount received

Monthly withdrawl will be = 47184/(15*12) = $262.13