$3,250 is withdrawn at the end of every month from an account paying 4.1% compounded monthly. Determine the previous value of th

Question

4 years ago

10

$3,250 is withdrawn at the end of every month from an account paying 4.1% compounded monthly. Determine the previous value of th

e account, given that withdrawals are made from the account for 30 years. Round to the nearest cent. a. $1,170,000.00 b. $2,304,150.99 c. $674,899.66 d. $672,601.61

Mathematics

2 answers:

Yanka [14] · Answer 1 · 2021-12-23T04:19:20+03:00

Yanka [14]4 years ago

7 0

Answer:

Its d

Step-by-step explanation:

love history [14] · Answer 2 · 2021-12-23T02:21:18+03:00

love history [14]4 years ago

4 0

Hi there :-)
Use the formula of the present value of annuity ordinary
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value?
PMT 3250
R interest rate 0.041
K compounded monthly 12
N time 30 years

Pv=3,250×((1−(1+0.041÷12)^(−12×30))÷(0.041÷12))=672,601.61

Hope it helps