Can someone please show me how I am doing this problem wrong? My answers will be posted in CAPS.

Pretend you receive an inheritance of $650,000 and deposit it in a savings plan that earns 5.25% compounded monthly.

Part 1

If you want to live off the interest without withdrawing any of the $650,000 principal, what amount can you withdraw at the end of each month?

OPTIONS:

		$3,412.50
		$2,843.75
		$34,125
		$409,500

ANSWER: $2,843.75

Part2

How much can you withdraw at the end of each month if you want the plan to last 35 years?

OPTIONS

	$3,370.09
		$3,384.83
		$1,547.62
		$40,957.13

ANSWER: $20,290.07

Part 3

How much can you withdraw at the end of each month if you want the plan to last 50 years?

OPTIONS

$3,927.08
		$1,083.33
		$3,067.21
		$2,843.75

ANSWER: $14,724.94

Part 4

If you withdraw $4,550 at the end of each month, how long will the plan last?

OPTIONS

193.86 months
		224.68 months
		142.86 months
		193.77 months

ANSWER: 108.07 months

Part 5

If you withdraw $2,800 at the end of each month, what will the balance be in 30 years?

OPTIONS

$3,211,224.27
		$688,141.75
		$5,570,285.83
		$2,822,792.15

ANSWER: $1,102,031.77