1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Eduardwww [97]
3 years ago
10

11. Nadine is retiring at age 62 and expects to live to age 85. On the day she retires, she has $402,000 in her retirement savin

gs account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings each month if she plans to spend her last penny on the morning of her death? A. $1,909.92 B. $2,147.78 C. $2,219.46 D. $2,416.08 E. $2,688.77
Business
1 answer:
Svet_ta [14]3 years ago
7 0

Answer:

E. $2,688.77

Explanation:

We need to calculate the PMT of an ordinary annuity at 6%

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 402,000

time:

85 years - 62 years = 23 years of retirement

23 years  x   12 months per year = 276 months

rate: 6% annual rate we must divide over 12 months to convert into monthly: 0.06/12 = 0.005

402000 \div \frac{1-(1+0.005)^{-276} }{0.005} = C\\

C  $ 2,688.766

<em>She can withdraw 2,688.76 per month</em>

You might be interested in
How does the use of new technology in industry benefit producers more so than consumers?
katen-ka-za [31]

The use of new technology in industry has benefited producers more so than consumers as, "Producers can transport goods around the world."

With faster decision-making and quick responses, the new technology enables producers to become more competitive in the market. The technology is helping to increase the efficiency of systems, products and services.

With the help of technology, the products which are produced are being marketed and then they are being transported around the world. This way it enables the business to grow rapidly and increases the profits.

Through the use of technology, businesses can research the market. This is extremely useful as it provides businesses with in-depth knowledge about market conditions.

Hence, the use of new technology in industry has benefited producers more so than consumers.

To learn more about the producers and consumers here:

brainly.com/question/7103791

#SPJ4

4 0
1 year ago
Each member of a cartel faces a temptation to cheat on the agreement because lowering its price slightly below the established p
ryzh [129]

Answer:

True

Explanation:

This is probably one of the greatest issues that cartels around the world face, since their agreements are difficult to maintain because it is very difficult to control the price and output policies of its members.

Even the largest cartel in the world, the Organization of the Petroleum Exporting Countries (OPEC), has problems when it comes to monitoring the petroleum output of its members. When some countries need more money they just increase their petroleum production even if the rest of the cartel doesn't agree with it.

6 0
3 years ago
Predict how sports and entertainment marketing will change over the next decade.
Kitty [74]

Answer:

marketing will change the most over the next 10 years because location, browsing, and buying will be increasingly co-mingled. Analysts will use technological and psychological triggers to help us all buy more, and understand why we're buying.

Explanation:

3 0
3 years ago
Read 2 more answers
According to Gerzema Where are some of the changes that consumers or making when it comes to spending money or buying an item wh
Lunna [17]

Answer: The answer is given below

Explanation:

According to Gerzema, some of the changes that consumers are making when it comes to spending money or buying an item include the idea of using debit cards at the expense of credit cards. This implies that individuals are now paying for goods and services with the money that is already with them.

He also said individuals now go after the “liquid life”, where he said that individuals define success on liquidity and not on having things. He also said individuals look at organization's values and that they're always looking for ways to have value for things they buy. The cause of these are the fact that consumers are being empowered and also wants to improve their economy.

8 0
2 years ago
Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect:Andy's demand
notsponge [240]

Answer: Andy's demand for beer to increase

Explanation:

Andy's views beer and pizza as complement to each other. Hence when the price of pizza decreases Andy's demand for beer would increase as he would order more beer than pizza so as to complement both offers.

7 0
3 years ago
Other questions:
  • When XYZ firm entered the market for good A two years​ back, it kept the price of its product low to attract customers away from
    13·1 answer
  • Select the items below that describe why scarcity exists.
    8·2 answers
  • The purpose of time management is to ________.
    8·2 answers
  • Which spreadsheet function is used to conduct a logical test to see if the conditions of a given expression can be met? A. Round
    11·2 answers
  • It ONLY makes sense to implement an ABC system when: A. ABC provides information to make better decisions. B. Its benefits excee
    11·1 answer
  • 3. Why does the infant mortality rate relate to a country's level of development?
    6·2 answers
  • Mr. Dennison knows each and every child who comes in to his Kumon reading center, and he prides himself on knowing how he can pe
    9·1 answer
  • The Company is in the process of evaluating a new product using the following information: ∙ A new transformer has three product
    11·1 answer
  • A________is a form of organisation in which the owner maintains complete control over the business and is personally liable for
    5·2 answers
  • Under the market system, ______ coordinate the decisions made by households and businesses.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!