Which of the following ratio is equivalent to 8/24? A. 1:3 B. 2:4 C. 2:3 D. 3:1
2 answers:
You might be interested in
Answer:
The principal amount necessary to fund is $573.31
Step-by-step explanation:
Given as :
The quarterly withdrawal amount = A = $850
The time period for withdrawals = t = 9 years
The rate of interest = r = 4.4% compounded quarterly
Let The principal amount necessary to fund = $p
Now, <u>From Compound Interest</u>
Amount = Principal ×
Or, $850 = p ×
Or, $850 = p ×
Or, $850 = p ×
Or, $850 = p × 1.4826
∴ p =
i.e p = $573.31
So,The principal amount necessary to fund = p = $573.31
Hence, The principal amount necessary to fund is $573.31 Answer