You want to be able to withdraw $35,000 each year for 30 years. Your account earns 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? Question Help: DVideo 1 D Video 2 Submit Question

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
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You want to be able to withdraw $35,000 each year for 30 years. Your account earns 8% interest.
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?
Question Help: Video 1 DVideo 2
Submit Question
e
Transcribed Image Text:You want to be able to withdraw $35,000 each year for 30 years. Your account earns 8% interest. 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? Question Help: Video 1 DVideo 2 Submit Question e
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