Question
1. A) Ryan currently has $67,000 in his bank account. He is planning on withdrawing $282 per month from this account. If he can earn
1. A) Ryan currently has $67,000 in his bank account. He is planning on withdrawing $282 per month from this account. If he can earn a 3.7% interest rate, how much will he have left in his account after 21 years?
B) Ashlyn recently inherited $1,620,000, which she immediately invested in an equity index mutual fund. If she plans to withdraw $11,000 per month from her account, what annual interest rate must she earn in order to have $308,000 left after 46 years? (Enter your answer as a whole number with two decimal places. For example, if your answer is 14.1025%, enter 14.10 as your answer)
C) Daniel is saving $711 per month. If their account earns a 2.9% interest rate, how many years will it take before they can buy a $39,000 car? Enter your answer to two decimal places
D) Maria borrows $15,000 in order to buy a new car. If their loan charges a 3.2% interest rate over 7 years, how much will their monthly payment be? (enter your answer as a positive number)
E) Khaleel needs $21,000 in order to pay for their daughter's college education. They just received a substantial inheritance. If their daughter will start school in 11 years, how much should they put into an account today if their account earns a 5.1% interest rate and they can also save $69 per month? (Enter your answer as a positive number)
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