Michael went on a hike and recorded his elevation. In total, he went up 14.26 kilometers and went down 11.86 kilometers. His fri
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Answer:
a) I need to have $315789.47 in my account at the beginning.
b) A total of $600,000, I will pull out of the account.
c) The total amount of interest that I get is $284210.53.
Step-by-step explanation:
I want to be able to withdraw $40,000 each year for 15 years.
So, in 15 years I will withdraw $(40,000 × 15) = $600,000
Let us assume that I will need in my account $x at the beginning.
If the account earn 6% simple interest, then from the condition given we can write
⇒
⇒ x = $315789.47
Therefore, the interest that I get for 15 years will be $(600,000 - 315789.47) = $284210.53.
a) I need to have $315789.47 in my account at the beginning.
b) A total of $600,000, I will pull out of the account.
c) The total amount of interest that I get is $284210.53. (Answer)