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Free_Kalibri [48]
3 years ago
15

Melinda is planning for retirement so she makes monthly deposits of $420 in an account earning 5% compounded monthly for 30 year

s.
(a) Find the amount that Melinda has in the account in 30 years.
$?

(b) Once she retires she will make monthly withdraws on the account for 20 years. Assuming that once she starts withdrawing on the account, she will earn 4% compounded monthly. Find the amount that she can withdraw every month.
$?
Mathematics
1 answer:
trapecia [35]3 years ago
5 0
A) 5/100 x 420 = 21
21 x 12 x 3= 756
420 x 12 x 3 = 15,120
15,120+756= 15,876

b) 4/100 x 420= $16.8
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