ou have just received an inheritance of $28,000 and would like to invest it into an account. The bank offers two investment plans, one for 4 years at 5.8% compounded annually and another for 3 years at 7.083% compounded annually. You want to make equal annual withdrawals from the account over the life time of the loan. Which investment will yield the highest annual withdraw and by what amount, given that the account will be zeroed out by the end of that period? Round your answer to the nearest cent.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “ou have just received an inheritance of $28,000 and would like to invest it into an account. The bank offers two investment plans, one for ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Combine the like to simplify the expression: - 5y + 12 + 8y - 6 - 2 =
Answers (2)
The parabola y=x^2 is scaled vertically by a factor of 5/2. What is the equation of the new parabola?
Answers (1)
What is the print area (surface area) of a box that is 2 inches wide, 7 inches long, and 10 inches tall?
Answers (1)
47.00 minus 15 percent
Answers (1)
The circumference of a circle is 31.4 miles. what's the circles diameter
Answers (1)
New Questions in Mathematics
Try again The circumference of a circular garden is 144.44 feet. What is the radius of the garden? Use 3.14 for pi and do not round your answer.
Answers (1)
List the sample space for rolling two dice and finding the sum of the numbers. How many 8's are there in the sample space? [Assume that rolling a 3 and a 5 is the same as rolling a 5 and a 3.]
Answers (1)
What is the unit rate for 24 ounces or mozzarella cheese for $2.88?
Answers (1)
You travel for 450 miles and it takes you 7 hours. What is the average rate?
Answers (1)
What is the solution to the inequality? -4x-8>-20 x<3 x>3 x>-3 x<-3
Answers (1)