Ask Question
18 February, 20:36

You receive an inheritance of $350,000 and deposit it in a savings plan that earns 3.4% compounded monthly. If you want to spend just the interest, without withdrawing any of the principal, what amount can you withdraw at the end of each month?

+5
Answers (1)
  1. 18 February, 23:59
    0
    The interest earned each month is

    ... (3.4%) / 12 * $350,000 ≈ $991.67

    You can withdraw $991.67 without withdrawing any of the principal.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You receive an inheritance of $350,000 and deposit it in a savings plan that earns 3.4% compounded monthly. If you want to spend just the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers