What is the effective interest rate on an account charging you 6% compounded daily?

Group of answer choices

6.73%

6.18%

6.25%

6.52%

You have $2,500,000 in an account earning 4%. You take $20,000 out of your account at the end of each month. How long will it take for your account to be completely depleted?

Group of answer choices

19.3 years

20.8 years

17.1 years

13.5 years

What is the present value of an annuity due that pays you $9000 per month for twenty-two years? Assume a 4% discount rate.

Group of answer choices

$1,583,708

$1,131,067

$1,201,774

$1,124,162