Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. algebra
  3. we have seen before that money deposited into an a

We have seen before that money deposited into an account with continuous interest follows the...

50.1K

Verified Solution

Question

Algebra

image

We have seen before that money deposited into an account with continuous interest follows the A Pert formula However this required strict conditions that the money cannot be withdrawn or added to throughout the term of the investment A more complicated model that allows for deposits withdraws is A t P Kert K where K is the constant amount deposited x o or withdrawn xo each year Problem You just retired to find your retirement savings account has reached 1 000 000 The savings account has a rate of 3 7 compounded continuously Your lifestyle requires you to live off 45 000 each year to be comfortable A How long will your retirement savings account last note your K value should be negative because it is withdrawn from the principal balance Number years ground to the nearest whole number B If at retirement age you are 65 years old how old will you be when the money runs out Number years old round to the nearest dollar

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Kim Mitchell, the new credit manager of the Vinson Corporation, was alarmed to find that Vinson...

Chemistry
1.2K views

1. Establish the differences between concentration and activity. 2. Discuss the advantages and limitations of using an...

Psychology
1.2K views

does culture impact an individual’s world view? Explain your answer

Psychology
1.2K views

Why with the many and often conflicting definitions of terrorism, why is it so hard to...

Accounting
1.2K views

Whitelands, Inc. had $100 of cash and shareholders’ equity as the result of its initial sale...

Accounting
1.2K views

Futaba photo shop has three services, print, enlargement, frame. The shop owner thinks these two services...

Physics
1.2K views

For the two blocks shown in the adjacent figure an external force of 18 N...

Basic Math
1.2K views

There was 1/2 yd of purple and pink striped fabric. Jessie said she could only...

Algebra
1.2K views

281 1301 586 2711 PCP where P is invertible and C is of the form...

Accounting
1.2K views

a. On July 1 Lopez Company paid $3,000 for six months of insurance coverage. No...

Finance
1.2K views

nmzdeki 8 yl boyunca her AY sonunda bir banka hesabna 1.500 $ yatrldn varsayalm. Faiz...

Finance
1.2K views

Teh dividend on a common stock will be $3 in 1 year, $4.25 in 2...