Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your mother has just retired. The balance in her investment account is $ 2 0 0 , 0 0 0 and she wants to receive

Your mother has just retired. The balance in her investment account is $200,000 and she wants to receive monthly payments of $7138. If she receives the payments at the end of the month, and the current interest rate is 8.1 percent, compounded quarterly, approximately how many months will her investment account last for? (Keep three decimal places in your calculations and round the final answer to two decimal places)
(Hint: PV should be inputted as negative number in your calculator)Your mother has just retired. The balance in her investment account is $200,000 and she wants to receive monthly payments of $7138. If she receives the payments at the end of the month, and the current interest rate is 8.1 percent, compounded quarterly, approximately how many months will her investment account last for? (Keep three decimal places in your calculations and round the final answer to two decimal places)
(Hint: PV should be inputted as negative number in your calculator)Your mother has just retired. The balance in her investment account is $200,000 and she wants to receive monthly payments of $7138. If she receives the payments at the end of the month, and the current interest rate is 8.1 percent, compounded quarterly, approximately how many months will her investment account last for? (Keep three decimal places in your calculations and round the final answer to two decimal places)
(Hint: PV should be inputted as negative number in your calculator)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Trade Ipos Online

Authors: Matthew D. Zito ,Matt Olejarczyk

1st Edition

0471443026, 978-0471443025

More Books

Students also viewed these Finance questions