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
#SPJ1
Answer:
<em>Sam is 30 years old, and Harry is 10 years old.</em>
Step-by-step explanation:
Let us assume that the age of Sam is x and the age of Harry is y.
Sam is currently is three times Harry's age.
So, 
----------------------1
Sam's age is also 10 more than twice Harry's age.
so, 
---------------2
Subtracting 2 from 1, we get
putting this in equation 1,
Therefore, Sam is 30 years old, and Harry is 10 years old.
Answer:
Quadrilateral is another word for a shape with four sides.
Step-by-step explanation:
The second result is more precise because it's in millilitre,so if the first were to be fully precise,it should have been 78.6 cm.
Hope this helps!
Answer:
x=9
Step-by-step explanation:
12+12x=3+13x then simplify
