Question

David has a bank account which pays interest at the rate of 1.5% per year, compounded annually. Determine what amount David must have in the bank, given that he would like to draw an annual salary of $32,635.15 from his account at the end of each year for 30 years. Round to the nearest cent.
a.
$783,760.48
b.
$979,054.50
c.
$1,225,080.50
d.
$795,516.88

Answer 1

Answer:

A. $783,760.48

Step-by-step explanation:

I got it correct on my Review.

Answer 2

i think b. $979,054.50