If Lamont withdraws $2,750 monthly, he will be <u>66 years old</u> (after 134.326 months) when the money runs out.
<h3>How is the number of monthly withdrawals calculated?</h3>
We can calculate the number of monthly withdrawals using an online finance calculator.
It determines the number of periods it will take for the investment to be exhausted, given an interest rate of 3.8%.
I/Y (Interest per year) = 3.8%
PV (Present Value) = $300,500
PMT (Periodic Payment) = $-2750
FV (Future Value) = $0
<u>Results</u>:
N = 134.326 months
Years = 11 years (134.326/12)
Age at FV = $0 is 66 years (55 + 11)
Sum of all periodic payments = $-369,397.09 (134.326 x $-2,750)
Total Interest = $68,897.09
Thus, making a monthly withdrawal of $2,750 will exhaust the investment when Lamont turns <u>66</u>.
Learn more about periodic withdrawals and payments at brainly.com/question/13031679
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Answer:
$130.718
Step-by-step explanation:
200/1.53= $130.718
I am pretty sure the answer is D. Record your answers and see the winning choice.
Answer:
D.7y(-4x + 5)
Step-by-step explanation:
Answer:
The function is
A(2022)=$13.45
Step-by-step explanation:
-Let A denote the ticket price.
The general equation for an exponential function is given as:
Where:
- =is the ticket price at time t
- is the time
- is the initial ticket price
- is the rate of growth.
Given the rate of growth is 3.6% per year and the initial ticket price was $4.25:
#First find the time interval:
we substitute our parameter values to estimate the ticket price in 2022:
Hence, the ticket price in 2020 is $13.45