What is the most you can withdraw annually

Assignment Help Mathematics

Reference no: EM13181070

In order to help you through college, your parents just deposited $20,000 into a bank account paying 6% interest. Starting tomorrow you plan to withdraw equal amounts from the account at the beginning of each of the next four years. What is the MOST you can withdraw annually?

Reference no: EM13181070

Questions Cloud

Identify factor that discourage proper food safety behavior : Identify the factor that would discourage proper food safety behavior. Foodhandlers who wear fingernail polish pose a hazard to food safety because the polish

What is the boiling point of the automobile radiator fluid : What is the boiling point of the automobile radiator fluid prepared by mixing 1.00 L of ethylene glycol (HOCH2CH2OH, density - 1.114 g/mL) with 1.16 L of water (density = 1.000 g/mL)?

State what is the molar mass of the sugar : A soluution prepared by dissolving 682 mg of a sugar (a molecular compound and a nonelectrolyte) in 1.00g of water froze at -3.72 degrees C. What is the molar mass of this sugar?

Determine interest compounded monthly : Determine the two equal deposits, the first deposit required now and the second deposit at the end of year 6, so that you can withdraw $2,000 at the end of each year for the next 12 years. Assume that money earns 4% interest, compounded monthly.

What is the most you can withdraw annually : In order to help you through college, your parents just deposited $20,000 into a bank account paying 6% interest. Starting tomorrow you plan to withdraw equal amounts from the account at the beginning of each of the next four years. What is the MO..

State what kelvin temperature will the vapor pressure : A certain substance has a heat of vaporization of 39.17 Kj/mol. At what kelvin temperature will the vapor pressure be 6.50 times higher than it was at 325k?

HR and believe implementing self-service portal : You work in HR and believe implementing a self-service portal for HR administration would generate several efficiencies in work flow. Your manager is resistant to implementing the portal because of the administrative challenges and concerns such as t..

How much will she accumulate : Another client, Wynona, decides that she will invest $5,000 per year in a 5% annuity for the first ten years, then $6,000 for the next ten years, and then $4,000 per year for the last ten years, how much will she accumulate?

How much money is invested at the end of year 10 : At the end of each year, a worker invests $2,000 into an account the draws 4% interest. The worker makes every payment for the next 30 years except for the payment at the end of year 10. That is, no money is invested at the end of year 10. How muc..

User Account

All Pages