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If Lamont withdraws $2,750 monthly, he will be <u>66 years old</u> (after 134.326 months) when the money runs out.
<h3>How is the number of monthly withdrawals calculated?</h3>
We can calculate the number of monthly withdrawals using an online finance calculator.
It determines the number of periods it will take for the investment to be exhausted, given an interest rate of 3.8%.
I/Y (Interest per year) = 3.8%
PV (Present Value) = $300,500
PMT (Periodic Payment) = $-2750
FV (Future Value) = $0
<u>Results</u>:
N = 134.326 months
Years = 11 years (134.326/12)
Age at FV = $0 is 66 years (55 + 11)
Sum of all periodic payments = $-369,397.09 (134.326 x $-2,750)
Total Interest = $68,897.09
Thus, making a monthly withdrawal of $2,750 will exhaust the investment when Lamont turns <u>66</u>.
Learn more about periodic withdrawals and payments at brainly.com/question/13031679
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Answer:
1.2
Step-by-step explanation:
multitply 20 times 0.06
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Answer:
112 ( 14 − 6 ) − ( −4 ) ?= −59
900 ≠ −59
False
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Vertical angles are equal to each other, so to solve this, you can set the angle measures equal to each other and solve for x.
Z = Y Replace X and Y with their values
4x - 17 = 2x + 7 Isolate the value. Start by adding 17 to both sides
4x = 2x + 24 Subtract 2x from both sides
2x = 24 Divide both sides by 2
x = 12
