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Please show the detail, thanks (7 points) Starting on November 1, 2000, Cardinal Glick began preparing for his retirement by depositing on the first day
Please show the detail, thanks
(7 points) Starting on November 1, 2000, Cardinal Glick began preparing for his retirement by depositing on the first day of every month a certain fixed amount into his savings account, which earns an effective monthly interest rate of 0.6%. Cardinal Glick plans to make the last deposit on October 1, 2020, retire on November 1, 2020, and withdraw $5,000 on the first day of every month for the next 20 years. a) How much money will Cardinal Glick have to have in his savings account on November 1, 2020, before his first withdrawal, to allow him to retire as planned? Answer = $ b) How much money did Cardinal Glick have to deposit into his savings account every month to save the amount you found in part (a) by November 1, 2020? Answer = $ c) Suppose that Cardinal Glick wants to withdraw $5,000 in every month other than December, and he wants to withdraw $7,000 in December. How much money will Cardinal Glick have to have in his savings account on November 1, 2020, before his first withdrawal, to allow him to do so? Answer = $ (7 points) Starting on November 1, 2000, Cardinal Glick began preparing for his retirement by depositing on the first day of every month a certain fixed amount into his savings account, which earns an effective monthly interest rate of 0.6%. Cardinal Glick plans to make the last deposit on October 1, 2020, retire on November 1, 2020, and withdraw $5,000 on the first day of every month for the next 20 years. a) How much money will Cardinal Glick have to have in his savings account on November 1, 2020, before his first withdrawal, to allow him to retire as planned? Answer = $ b) How much money did Cardinal Glick have to deposit into his savings account every month to save the amount you found in part (a) by November 1, 2020? Answer = $ c) Suppose that Cardinal Glick wants to withdraw $5,000 in every month other than December, and he wants to withdraw $7,000 in December. How much money will Cardinal Glick have to have in his savings account on November 1, 2020, before his first withdrawal, to allow him to do so? Answer = $Step by Step Solution
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