Respuesta :
Answer:
a) I need to have $315789.47 in my account at the beginning.
b) A total of $600,000, I will pull out of the account.
c) The total amount of interest that I get is $284210.53.
Step-by-step explanation:
I want to be able to withdraw $40,000 each year for 15 years.
So, in 15 years I will withdraw $(40,000 × 15) = $600,000
Let us assume that I will need in my account $x at the beginning.
If the account earn 6% simple interest, then from the condition given we can write [tex]x[1+\frac{15 \times 6}{100} ] = 600,000[/tex]
⇒ [tex]x[1+0.9] = 600,000[/tex]
⇒ x = $315789.47
Therefore, the interest that I get for 15 years will be $(600,000 - 315789.47) = $284210.53.
a) I need to have $315789.47 in my account at the beginning.
b) A total of $600,000, I will pull out of the account.
c) The total amount of interest that I get is $284210.53. (Answer)
