SOLUTION: Philip wants to supplement his pension by ​$480 per month with income from his investments. His investments pay him monthly and earn 11.5 % p.a. What value of investments must Ph

Algebra ->  Average -> SOLUTION: Philip wants to supplement his pension by ​$480 per month with income from his investments. His investments pay him monthly and earn 11.5 % p.a. What value of investments must Ph      Log On


   

Question 1138293: Philip wants to supplement his pension by ​$480 per month with income from his investments. His investments pay him monthly and earn 11.5 % p.a. What value of investments must Philip have in his portfolio to generate enough interest to give him his desired​ income?
Answer by ikleyn(52915) About Me  (Show Source):
You can put this solution on YOUR website!
.

This problem is posed INCORRECTLY, since it says nothing
about the duration of the period of time Philip wants withdraw from his account.