3 years ago

What is true about financial planning

Business

1 answer:

Neko [114]3 years ago

6 0

Financial plans should be reviewed regularly

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Suppose you inherited $275,000 and invested it at 8.25% per year. How much could you withdraw at the end of each of the next 20

navik [9.2K]

Answer:

withdraw amount = 28532.45

so correct option is a. $28,532

Explanation:

given data

present amount = $275,000 bonus

interest rate = 8.25% per year = 0.0825

time period = 20 year

solution

first we get here Cumulative discount factor that is

Cumulative discount factor = $\frac{(1-(1+r)^{-t}}{r}$ .........................1

here r is rate and t is time period

put here value and we will get

Cumulative discount factor = $\frac{(1-(1+0.0825)^{-20}}{0.0825}$

solve it we get

Cumulative discount factor = 9.638148

and now we get so here withdraw amount at the end of each of the next 20 years that is

withdraw amount = Present amount ÷ cumulative discount factor ............2

put here value

withdraw amount = $\frac{275000}{9.638148}$

solve it we get

withdraw amount = 28532.45

so correct option is a. $28,532

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3 years ago

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makkiz [27]

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I hope this helped! (:

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What is true about financial planning ​

What is true about financial planning