You want to be able to travel and withdraw $3750 at the end of every month during your yearlong trip. During your trip your travel fund will earn 6.24% compounded monthly. What is the size of your travel fund if you want to be able to start your trip in 4 years and 7 months?

a
$32 715.58
b
$2849.74
c
$45 315.20
d
$46 309.57

Question

15-06-2024
Mathematics

Answered

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You want to be able to travel and withdraw $3750 at the end of every month during your yearlong trip. During your trip your travel fund will earn 6.24% compounded monthly. What is the size of your travel fund if you want to be able to start your trip in 4 years and 7 months?

a
$32 715.58
b
$2849.74
c
$45 315.20
d
$46 309.57

Sagot :

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