The amount is
Further explanation:
Given:
The options are as follows,
(a).
(b).
(c).
(d).
Explanation:
The number of months are
The account pay interest rate is compounded monthly.
The amount withdraws each month is
The value of is 360.
The value of is
The present value formula can be expressed as follows,
The present value can be obtained as follows,
Further solve the above equation.
The amount is
Option (a) is correct.
Option (b) is not correct.
Option (c) is not correct.
Option (d) is not correct.
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Answer details:
Grade: High School
Subject: Mathematics
Chapter: Annuity
Keywords: amount, needed, retirement, individual, time of retirement, withdraws, account, paying, 5.1% compounded monthly, nearest cents, monthly, interest rate.