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11 June, 10:22

Jodi is retiring at the age of 65. When she retires, she estimates that she will need a monthly income for 25 years. If Jodi starts with $328,133.32 in an account that pays 6.2% interest compounded monthly, approximately what monthly income will she be able to draw? a. $2,665 b. $2,154 c. $1,948 d. $1,094

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  1. 11 June, 10:46
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    328,133.32+6.2%^12

    so frist 6.2*12=74.4

    so

    328,133.32+74.4%=572,264.51

    she would make 572,264.51/y

    572,264.51+6.2% = 607744.90962

    607744.90962 - (572,264.51 - 328,133.32^2) = - $1,948

    C your answer
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