The answer is 26.19. It’s 100% right.
To convert 0.45 to percent multiply by 100
<span>0.45 × 100 = </span>45 %
<span>Write the decimal number as a fraction
(over 1)
0.45 = 0.45 / 1
Multiplying by 1 to eliminate 2 decimal places
we multiply top and bottom by 2 10's
Numerator (N)
N = 0.45 × 10 × 10 = 45
Denominator (D)
D = 1 × 10 × 10 = 100
N / D = 45 / 100
Simplifying our fraction
= 45/100
= 9/20
</span>
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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This the concept of circumference of circle. The arc length will be given by:
C=theta/360*pi*diameter
theta=62
diameter=d
thus the arc length will be:
C=62/360*π*d
C=0.54d
