Multiple choice question
2 answers:
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Answer:
15 months.
Step-by-step explanation:
Given:
Laura retired and saved about $414,731.00 over the course of her career.
She plans to withdraw $2,224.00 each month to pay for living expenses.
After a certain amount of time, the balance in Laura's account is $381,371.00
Question asked:
How many months have passed since Laura retired ?
Solution:
Let total number of months for which she withdrew =
Total saving amount = $414,731
Unitary method:
In 1 month she withdrew = $2,224
In months she withdrew =
Total withdrew amount =
Balance amount after months = $381,371
<u>Balance amount = Total saving amount - Total withdrew amount</u>
Thus, 15 months have passed since Laura retired.