Answer:
Step-by-step explanation:
Apply the difference of two squares formula.
Sorry It took so long, but hope this helps.
Answer: 450
Step-by-step explanation:
971 = B + (T+71)
971-71 = 2 B
450 = B
Answer:
- starting balance: $636,215.95
- total withdrawals: $1,200,000
- interest withdrawn: $563,784.05
Step-by-step explanation:
a) If we assume the annual withdrawals are at the beginning of the year, we can use the formula for an annuity due to compute the necessary savings.
The principal P that must be invested at rate r for n annual withdrawals of amount A is ...
P = A(1+r)(1 -(1 +r)^-n)/r
P = $60,000(1.08)(1 -1.08^-20)/0.08 = $636,215.95
__
b) 20 withdrawals of $60,000 each total ...
20×$60,000 = $1,200,000
__
c) The excess over the amount deposited is interest:
$1,200,000 -636,215.95 = $563,784.05
