You want to be able to withdraw $20,000 each year for 20 years. Your account earns 4.3% interest. Round all answers to the nearest cent as needed. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest? $

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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You want to be able to withdraw $20,000 each year for 20 years. Your account earns 4.3% interest.
Round all answers to the nearest cent as needed.

a) How much do you need in your account at the beginning? $

b) How much total money will you pull out of the account? $

c) How much of that money is interest? $

 

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