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
#SPJ1
Answer:
a= 40
Step-by-step explanation:
-5a + 7.5a - 25 = 53.2 + 21.8
add like terms on both sides: 2.5a - 25 = 75
add 25 on both sides: 2.5a = 100
divide both sides by 2.5: a = 40
See examples before for the method to solving literal equations for a given variable: Solve A = bh for b. Since h is multiplied times b, you must divide both sides by h in order to isolate b. Since (c+d) is divided by 2, you must first multiply both sides of the equation by 2.
Answer:
the common multiple between 12 and 20 is 60
Answer:
option c
Step-by-step explanation:
(4 - 2i) + (12 + 7i)
multiply the brackets first
4 - 2i + 12 + 7i
combine like terms
16 + 5i
