19 - (2⁴ + 3) Please help me
2 answers:
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Answer:
C. $538,021.66
Step-by-step explanation:
It is given that the money Seth withdraws was compounded every quarter for 35 years. So, we get,
Amount withdrawn every quarter, P = $4567
Rate of interest, r = = 0.002525
Time period, n = 35 × 4 = 140
Now, as we know the formula for annuity as,
where P = installments, PV = present value, r = rate of interest and n = time period.
This gives,
i.e.
i.e.
i.e.
i.e.
i.e.
i.e.
So, the closest answer to initial value of the account is $538,021.66
Hence, option C is correct.