A retirement account has $350,000.00 that will be used to start an annuity that earns 5.1%, compounded monthly. The annuity will make payments monthly in the amount of $1,900.00. How long will it be until the annuity has a balance of $0?It will take monthly payments. (Round to 2 decimal places.)
A retirement account has $350,000.00 that will be used to start an annuity that earns 5.1%, compounded monthly. The annuity will make payments monthly in the amount of $1,900.00. How long will it be until the annuity has a balance of $0?It will take monthly payments. (Round to 2 decimal places.)
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
Question
A retirement account has $350,000.00 that will be used to start an annuity that earns 5.1%, compounded monthly. The annuity will make payments monthly in the amount of $1,900.00. How long will it be until the annuity has a balance of $0?
It will take monthly payments. (Round to 2 decimal places.)
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