1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Leokris [45]
1 year ago
15

You have $500,000 saved for retirement. Your account earns 8% interest. How much will you be able to pullout each month, if you

want to be able to take withdrawals for 15 years?$
Mathematics
1 answer:
borishaifa [10]1 year ago
4 0

The rule of the payout annuity is

P=\frac{d(1-(1+\frac{r}{n})^{-nt})}{\frac{r}{n}}

P is the initial amount

d is regular withdrawals

r is the annual rate in decimal

n is the number of periods in a year

t is the time

Since you have $500 000 saved, then

P = 500000

Since the interest is 8%, then

r = 8/100 = 0.08

Since the time is 15 years, then

t = 15

Since you want the monthly amount, then

n = 12

Substitute them in the rule to find d

\begin{gathered} 500000=\frac{d(1-(1+\frac{0.08}{12})^{-12(15)})}{\frac{0.08}{12}} \\ 500000(\frac{0.08}{12})=d(1-(\frac{151}{150})^{-180}) \\ \frac{10000}{3}=d(1-(\frac{151}{150})^{-180}) \\ \frac{\frac{10000}{3}}{(1-(\frac{151}{150})^{-180})}=d \\ 4778.260422=d \end{gathered}

Then you will be able to pull $4778.260422 each month

You might be interested in
HELP ASAP !!! <br> Which of the following are identities? Check all that apply.
anastassius [24]

Answer:

A,CAND D

Step-by-step explanation:

ADD ME AS BRAINLIEST

6 0
3 years ago
Read 2 more answers
Rico went for a bike ride around a 3 mile loop. He rode a total of 12 miles. How many times did rico ride his bike around the lo
maks197457 [2]
4 times because 3*4=12/12÷3=4
8 0
3 years ago
Read 2 more answers
Find the perimeter of a
Serhud [2]

Step-by-step explanation:

length of a rectangle = (3x+4)

breadth of a rectangle =(2x-1)

perimeter of a rectangle =?

we know that,

perimeter of a rectangle=2 (length+breadth)

2 (3x+4)+(2x-1)

(6x+8)+(4x-4)

(6x+4x)+(4+8)

10x+12

x=12-10=2

x=2#

7 0
3 years ago
In a class of p students, the average (arithmetic mean) of the test scores is 70. in another class of n students, the average of
lys-0071 [83]

First case:

average of test score =70

number of students =p

total score of 'p' students = ( average of test score)*( number of students)

total score of 'p' students =70p

Second case:

average of test score =92

number of students =n

total score of 'n' students = ( average of test score)*( number of students)

total score of 'n' students =92n

total number of students = p+n

total average score =86

so, total score =86(p+n)

total score = total score of 'p' students +total score of 'n' students

86(p+n)=70p+92n

now, we can simplify it

86p+86n=70p+92n

86p-70p=92n-86n

16p=6n

now, we can find p/n

\frac{p}{n}= \frac{6}{16}

\frac{p}{n}= \frac{3}{8}................Answer


5 0
3 years ago
If 6 people want to share a 30 pound bag of beans equally by weight how many pounds of beans should each person get? Between wha
sertanlavr [38]

Answer:

The 6 people would each get 5lb. of beans. 5 lies between 4 and 6.

Step-by-step explanation:

To get the answer to this problem, all you have to do is divide the total pounds of beans by how many people there are. 30 ÷ 6= 5, so each person would get 5 pounds. Since 5 comes between 4 & 6, you can use that as your answer.

6 0
3 years ago
Other questions:
  • Jack earns $50 for washing cars on the weekend. He makes an average of $4.25 in tips per hour. Write the function of Joe's earni
    11·1 answer
  • The length of a rectangle is four times it's width and has an area of 1024cm squared. Work out the width of the rectangle
    11·1 answer
  • What is the factor for 8 and 9
    9·2 answers
  • During the summer, Bethany mows lawns and Grant is a waiter at a coffee
    6·1 answer
  • Please help me out with this thingyyy!!!!!
    13·1 answer
  • 4/6 in the lowest term helpppppppppp!!!!!!!
    15·2 answers
  • James is playing his favorite game at the arcade after playing three times He has eight tokens remaining He initially had 20 tok
    15·2 answers
  • How does making a frequency table or line plot help you see which value occurs most often in a data set?
    5·1 answer
  • Which equation represents a linear function?
    15·1 answer
  • Is 5/11 closer to 0, 1, 1/2
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!