Answer:
$29.67 each
Step-by-step explanation:
6.75% of $72.50 = $4.90
72.50 + 4.90 = $77.40
15% of 77.40 = 11.61
77.40 + 11.61 = 89.01
89.01 divided by 3 = $29.67 each
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
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Answer:
0.4
Step-by-step explanation:
The tail of the train starts one mile from the mouth of the tunnel and it must travel that distance plus the length of the tunnel in 3 minutes.
Let t = tunnel length
t + 1 = distance the tail must travel in 3 minutes.
3 minutes = 1/20 hr
(t+1) miles / 60 m/hr = 1/20 hr
t + 1 = 60/20
t+1 = 3
Subtract 1 from each side:
t = 2
The tunnel is 2 miles long.
I think the answer is D but im not sure
