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Debora [2.8K]
3 years ago
6

You want to be able to withdraw $4000 a month for 30 years how much would you need to have in your account with an APR of 3.4% t

o accomplish this goal
Mathematics
1 answer:
tigry1 [53]3 years ago
8 0

Answer:

  $904,510.28

Step-by-step explanation:

If we assume the withdrawals are at the beginning of the month, we can use the annuity-due formula.

  P = A(1 +r/n)(1 -(1 +r/n)^(-nt))/(r/n)

where r is the APR, n is the number of times interest is compounded per year (12), A is the amount withdrawn, and t is the number of years.

Filling in your values, we have ...

  P = $4000(1 +.034/12)(1 -(1 +.034/12)^(-12·30))/(.034/12)

  P = $904,510.28

You need to have $904,510.28 in your account when you begin withdrawals.

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Step-by-step explanation:

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-1/3

Step-by-step explanation:

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The data show the ages of 13 people attending a dinner party. 37, 42, 44, 46, 47, 49, 51, 53, 54, 55, 57, 61, 63 a. Find the min
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Answer: Median: 50, Minimum Value: 37, Maxium Value: 63, First Quartile: 44, Third Quartile: 57  

Step-by-step explanation:

To find the median we have to line up the number from least to greatest. Since the number is even we have two numbers.

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            |                          |                        |

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49 + 51 = 100 ÷ 2 = 50

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The third quartile is the middle number in the third quartile, therefore 57

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