SOLUTION: You withdraw $1500 from a bank account each month that earns 3% annual interest. How much money do you need to start with in the account so that it will last 20 years? Round your a
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Question 1194625: You withdraw $1500 from a bank account each month that earns 3% annual interest. How much money do you need to start with in the account so that it will last 20 years? Round your answer to 2 decimal places
You can put this solution on YOUR website! you would need 270,466.37 rounded to the nearest penny.
the amount rounded to the display size of the ti-ba-ii calculator that i used is 270,466.3716.
the actual amount, rounded to more decimal places, is 270,466.371618706, which i got from an excel spreadsheet.
your solution is 270,466.37.
i also used an online calculator to get this value.
the result from using that calculator, at https://arachnoid.com/finance/ is shown below:
inputs are everything except pv (present value).
output is pv.
number of years is multiplied by 12 to get 20 * 12 = 240 months.
interest rate per year is divided by 12 to get .25% per month.
payments are assumed to be at the end of each month.
