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

Question

Mathematics

Maribel Melton

4 May, 22:26

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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Josiah Mendez · Answer 1

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

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