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
Which of the following cosmetology careers would provide services to permanently remove unwanted hair on the face or body?
nydimaria [60]

Answer:

C. Electrologist

Explanation:

They are the ones who study waxing, lazar, and threading.

6 0
4 years ago
Read 2 more answers
3A. The Waffle House pays a constant annual dividend of $1.25 per share. How much are you willing to pay for one share if you re
Mandarinka [93]

Answer:

$5.00

Explanation:

Calculation to determine How much are you willing to pay for one share if you require a 25 percent rate of return

Using this formula

Amount willing to pay=Annual dividend/Rate of return

Let plug in the formula

Amount willing to pay=$1.25/0.25

Amount willing to pay=$ 5.00

Therefore amount willing to pay for one share if you require a 25 percent rate of return will be $5.00

5 0
3 years ago
The ____________________ prescribes that an accounting information system have internal controls, meaning, it employs methods an
Mrac [35]

Answer:

Compatibility principle

Explanation:

The compatibility principle prescribes that an accounting information system has internal controls, meaning, it employs methods and procedures that allow managers to control and monitor. The compatibility principle is a concept of an information system that suggests the accounting system of any type of organization should adapt to its employees or managers, operations and business structure.  

For example, if goods are sold so fast but the orders may not be processed fast enough, here we will apply compatibility principle and we will add new technology to the system to solve this issue.

4 0
3 years ago
Read 2 more answers
Prior to any trip it is important to do all of these except:
ivanzaharov [21]
<span>Checking the upholstery is not one of the important pre-trip tasks. This is not something that will affect anything other than the passenger comfort during the trip. Making sure that one has enough gas and other fluids in the car is much more important to the overall trip.</span>
8 0
3 years ago
True or false? Individual electronic components can be combined into larger groups, called diodes, to increase their usefulness.
Butoxors [25]
This is False.

A diode is something completely different, but can be found in a computer and is an important electronic part.
8 0
3 years ago
Other questions:
  • Rajiv is a person whose wants are satisfied by using goods and services. Rajiv is a _____.
    12·2 answers
  • f an agent indulges in commingling, she _____. Select one: a. most likely will not be liable for loss to the principal b. violat
    15·1 answer
  • Do It! Review 9-1 Pharoah Company purchased a delivery truck. The total cash payment was $43,222, including the following items.
    12·1 answer
  • Milk is an input in the production of cheese, and cheese and bagels are complements. A decrease in the price of milk will ______
    13·1 answer
  • Money is to food as ________ is to ________.
    11·1 answer
  • Barclay Enterprises manufactures and sells three distinct styles of bicycles: the Youth model sells for $300 and has a unit cont
    11·1 answer
  • Any type of business or commercial transaction that involves the transfer of information across the Internet refers to which of
    12·2 answers
  • Discuss Basic elements of Organization structure?
    10·1 answer
  • Why do cooperations issue common stock?
    14·1 answer
  • the sale of shares not owned by the investor but borrowed through a broker and later purchased to replace the loan is called a
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!