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Lacey would like to set up a retirement account that pays her $3,400 a month. If she sets up a payout annuity for 30 years in an account paying 12% interest, how much will she need in the account when she retires (to the nearest dollar)? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Identify the formula you will use to solve by writing the letter of the formula here:

Lacey would like to set up a retirement account that pays her $3,400 a month. If she sets up a payout annuity for 30 years in an account paying 12% interest, how much will she need in the account when she retires (to the nearest dollar)? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Identify the formula you will use to solve by writing the letter of the formula here:

Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter2: Working With Real Numbers
Section2.3: Rules For Addition
Problem 15P
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Lacey would like to set up a retirement account that pays her $3,400 a month. If she sets up a payout annuity for 30 years in an account paying 12% interest, how much will she need in the account when she retires (to the nearest dollar)? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Identify the formula you will use to solve by writing the letter of the formula here: A. A= P₁(1+rt) rNk B. PN = P 1+ NK P₁ = 0 (¹ + 5)^²-1)-(F) D. P₁ =0(1-(1+))+ (R) Po Solve the problem and give your answer here: C.
Transcribed Image Text:Lacey would like to set up a retirement account that pays her $3,400 a month. If she sets up a payout annuity for 30 years in an account paying 12% interest, how much will she need in the account when she retires (to the nearest dollar)? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Identify the formula you will use to solve by writing the letter of the formula here: A. A= P₁(1+rt) rNk B. PN = P 1+ NK P₁ = 0 (¹ + 5)^²-1)-(F) D. P₁ =0(1-(1+))+ (R) Po Solve the problem and give your answer here: C.
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