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18 November, 17:50

If Cole wants to retire with $1,000 per month, how much principal is necessary to generate this amount of monthly interest income if the interest rate is 8%?

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  1. 18 November, 19:11
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    I think it would be 12,500 too because you have 12 months and 1,000 for every month and you have the 8% interest rate so 12,500
  2. 18 November, 20:42
    0
    Cole has to have 12,500 to generate 1,000
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