You want to be able to withdraw $3,500 each month for 25 years. Your account earns 4.4% interest. Interest is compounded monthly. A) How much do you need in your account at the beginning? Answer = B) How much total money will you pull out of the account? Answer = $ C) How much of that money is interest? Answer =

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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You want to be able to withdraw $3,500 each month for 25 years. Your account earns 4.4% interest.
Interest is compounded monthly.
A) How much do you need in your account at the beginning?
Answer = $
%3D
B) How much total money will you pull out of the account?
Answer = $
%3D
C) How much of that money is interest?
Answer = $
Transcribed Image Text:You want to be able to withdraw $3,500 each month for 25 years. Your account earns 4.4% interest. Interest is compounded monthly. A) How much do you need in your account at the beginning? Answer = $ %3D B) How much total money will you pull out of the account? Answer = $ %3D C) How much of that money is interest? Answer = $
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