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You retre at age 67 Your 401(k) retirement plan has a balance of $2.500 000 00 Suppose the account eams 5% interest compounded monthly, and you want an income of $66.000 a year How much interest in dollars, does the account eam in month 37 HINT Use the table below) Mouth Balance before Withdrawal $2.900.000 00 $2.906.560 42 $2.913.148.17 Monthly latered Withdrawal Earned $5.500.00 $13.060 42 $5.500.00 $12.087.75 $5,500.00 Balance after Withdrawal 12.906.560 42 $2.913,148 17 $7.919.763.37

You retre at age 67 Your 401(k) retirement plan has a balance of $2.500 000 00 Suppose the account eams 5% interest compounded monthly, and you want an income of $66.000 a year How much interest in dollars, does the account eam in month 37 HINT Use the table below) Mouth Balance before Withdrawal $2.900.000 00 $2.906.560 42 $2.913.148.17 Monthly latered Withdrawal Earned $5.500.00 $13.060 42 $5.500.00 $12.087.75 $5,500.00 Balance after Withdrawal 12.906.560 42 $2.913,148 17 $7.919.763.37

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You retire at age 67 Your 401(k) retirement plan has a balance of $2,500,000.00 Suppose the account earns 5% interest compounded monthly, and you want an income of t $66.000 a year How much interest, in dollars, does the account eam in month 37 (HINT Use the table below) Mouth Balance before Monthly Interes Number Withdrawal Withdrawal Earned $2.900,000.00 $5.500.00 $12,060 42 $2.906,560 42 $5,500.00 $12.087.75 $5.500.00 $2.913 148 17 3 Balance after Withdrawal 12.906 560 42 $2.913,148 17 32.919-763-37
Transcribed Image Text:You retire at age 67 Your 401(k) retirement plan has a balance of $2,500,000.00 Suppose the account earns 5% interest compounded monthly, and you want an income of t $66.000 a year How much interest, in dollars, does the account eam in month 37 (HINT Use the table below) Mouth Balance before Monthly Interes Number Withdrawal Withdrawal Earned $2.900,000.00 $5.500.00 $12,060 42 $2.906,560 42 $5,500.00 $12.087.75 $5.500.00 $2.913 148 17 3 Balance after Withdrawal 12.906 560 42 $2.913,148 17 32.919-763-37
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