Suppose that Tom Martin deposits his $11,500 bonus in an account that earns an annual rate of 7%, compounded quarterly, and makes additional deposits of $600 at the end of each quarter for the next 25.5 years, until he retires. To supplement his retirement, Tom wants to make withdrawals at the end of each quarter for the next 13 years (at which time the account balance will be $0). What is the amount of each withdrawal? Round your answer to the nearest cent.
?
A. $4,722.29
B. $5,167.74
C. $6,902.22
D. $4,476.51
E. $4,138.26
Answer: C
You might also like to view...
Find f'(x) for the function, then find f'(x) for the given x.g(x) = x3 + 5x, g'(1)
A. g'(x) = 3x + 5; g'(1) = 8 B. g'(x) = 3x; g'(1) = 3 C. g'(x) = 3x2 + 5x; g'(1) = 8 D. g'(x) = 3x2 + 5; g'(1) = 8
Use either the binomial theorem or Pascal's Triangle to expand the binomial.(5x - 2)4
A. (25x2 - 10x + 4)4 B. 625x3 - 1000x2 + 600x - 160 C. -1250x4 + 2000 x3 + 600x2 + 320x + 16 D. 625x4 - 1000x3 + 600x2 - 160x + 16
Find the volume under the surface z = f(x,y) and above the rectangle with the given boundaries.z = 8x + 4y + 7; 0 ? x ? 1, 1 ? y ? 3
A. 36 B. 26 C. 38 D. 28
Solve the problem.Find an equation of a parabola that contains the points (- 1, - 9), (2, 0), and (0, -8).
A. y = x2 - 5x + 8 B. y = x2 + 2x - 8 C. y = x2 - x - 8 D. y = -x2 + x - 8