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:
Hey love! x = 6
Step-by-step explanation:
because 13 x 6 = 78
HOPE THIS HELPS!
Answer:
n5 + 17
Step-by-step explanation:
They're asking for a pattern.
17 + 5 = 22
22 + 5 = 27
27 + 5 = 32
So it starts at 17 and increases by five each time.
The nth term increases by 5 each time and starts at 17. That means the nth term is multiplied by 5 each time, but you have to add 17 because that's where the pattern starts.
n5 + 17
this equation is a non linear equation
