A recent college graduate begins a savings plan at age 27 by investing $600 at the end of each month in an account that earns an annual rate of 7.3%, compounded monthly. If this plan is followed for 10 years, how much should the monthly contributions be for the next 28 years in order to be able to withdraw $10,000 at the end of each month from the account for the next 25 years? Round your answer to the nearest cent.
?
A. $796.22
B. $516.96
C. $2,189.51
D. $214.45
E. $86.41
Answer: B
You might also like to view...
Use the chart to answer the question.The NSC (Not So Consistent) Corporation has just completed its first year of business. The following chart shows its monthly profit (or loss). Month Profit (Loss) in DollarsJanuary-14,526February 1874March -8977April -14,107May 14,073June 14,632July -13,834August -13,170September -4860October 6630November -3338December -974When was the loss greatest?
A. December B. June C. November D. January
Solve the problem.The position of a body moving on a coordinate line is given by with s in meters and t in seconds. When, if ever, during the interval
does the body change direction?
A. t = 3.5 sec B. t = 7 sec C. no change in direction D. t = 14 sec
The figure shows an angle ? in standard position with its terminal side intersecting the unit circle. Evaluate the indicated circular function value of ?.Find cot ?.
A.
B. -
C. -
D.
Solve the problem. Round to two decimal places unless otherwise indicated.Suppose a cost-benefit model is given by y = , where y is the cost in thousands of dollars for removing x percent of a given pollutant. Find the cost of removing 75% to the nearest dollar.
A. $5900 B. $17,700 C. $4425 D. $3000