Cheryl Wilcox is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive a payou
t of $1,500 per month for twenty years. (a) How much money must she deposit if her money earns 8% interest compounded monthly? (Round your answer to the nearest cent.)
(b) Find the total amount that Cheryl will receive from her payout annuity.
Step 1: Find out how many cm3 is filled in a minute. 750000/30 = 25000cm3 per minute Step 2: Find out how many minutes it takes to fill 1200000cm3. 1200000/25000 = 48 minutes
