Answer:
Answer:
Option c -$91,651.92
Step-by-step explanation:
Given : Tami would like to withdraw $10,364.10 at the end of each year, for 10 years, from an account paying 2.3% compounded annually.
To find : Determine the amount needed in the account for Tami to do this.
Solution :
We apply the present value formula to get the amount,
Where, PV is the present value ,the required amount
P is the principal P=$10,364.10
r is the rate r=2.3% annually, r=0.023
n is the time n=10 years
Substitute in the formula,
Therefore, The amount needed is $91651.92.
Hence, Option c is correct.
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Step-by-step explanation:
