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16 October, 18:05

David has a bank account which pays interest at the rate of 1.5% per year, compounded annually. Determine what amount David must have in the bank, given that he would like to draw an annual salary of $32,635.15 from his account at the end of each year for 30 years. Round to the nearest cent.

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  1. 16 October, 18:27
    0
    32,635.16=x (1.015) ^30

    32,635.16 / ((1.015) ^30) = x

    20878.7428644=x

    David put $20878.74 into his bank account
  2. 16 October, 20:42
    0
    a.$783,760.48 b.$979,054.50 c.$1,225,080.50 d. $795,516.88

    out of those it would be A
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Home » Mathematics » David has a bank account which pays interest at the rate of 1.5% per year, compounded annually. Determine what amount David must have in the bank, given that he would like to draw an annual salary of $32,635.
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