Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Connect with a community of experts ready to help you find solutions to your questions quickly and accurately. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Determine the amount needed such that when it comes time for retirement, an individual can make semiannual withdrawals in the amount of $15,265 for 35 years from an account paying 4.5% compounded semiannually. round your answer to the nearest cent. a. $938,272.00 b. $941,790.00 c. $535,528.03 d. $547,577.41

Sagot :

ashishdwivedilVT

The amount needed such that when it comes time for retirement, an individual can make semiannual withdrawals in the amount of $15,265 for 35 years is $225093.358.

The total amount to be withdrawn in a year = 15265*2 = $30530

The total amount to be withdrawn in 35 years =$1068550

What is the compound interest?

Compound interest is interest on interest along with interest on the principle.

Annual Rate of interest = 4.5%

Semi-annual rate of interest r=2.25%

Amount A= $1068550

[tex]1068550 =P(1+\frac{2.25}{100})^70[/tex]

[tex]P = $225093.358[/tex]

Therefore, the amount needed such that when it comes time for retirement, an individual can make semiannual withdrawals in the amount of $15,265 for 35 years is $225093.358.

To get more about compound interest visit:

https://brainly.com/question/24274034

jp912south

Answer:

225093.358

Step-by-step explanation:

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.