Question

please show all your work i am really trying to understand how to solve these

A woman with her employer's matching program, contributes $700 at the end of each month to her retirement account, which came interest compounded monthly. When she retires after 47 years, she plans to make monthly withdrawals for 31 years of her counteams 7% interest, compounded monthlythen when she is what her mom monthly withdrawal (without running out of money Please show me all of your work step by step on the paper and submit it on the car (Simplify your answer. Round to the nearest cents needed)

a woman, with her employers matching program, contributes $700 at the end of each month to her retirement account, which earns 9% interest, compounded monthly. when she retires after 47 years, she plans to make monthly withdrawals for 31 years. if her account earns 7% interest, compounded monthly, then when she retires, what is her macimum monthly withdrawal (without running out of money)?

Answer 1

O We first find the amount. (retirement after 47 years is of contribution. Now, the woman contributes $700 at the end of each month, that means she is depositing money into an ondinany annuity. Now, we write the formula for- the ordinary annuity P=R[U+i)n) R[[it:)? where R is the payment at the end. of each period i rate of interest, na number of times, the payment is being made. pa future value. Putting R= $700 2 Ma 12x 47 = 564. ů = 9 0-09 72 TZ I: Compounded monthly Hence, futime value P = 7008 (1+ 0.09)564 -1 2 0.09 12

... now .. P=.$ 6219839.68 (rounding to the nearest cent) o. The amount in her retirement account will be $6219839.68 approx we Use this future value to: find the maximum possible monthly withdrawal that the woman can make fon 31 years after retirement. of We now, use this formula an andinany annuity making monthly payment M., to the woman for 3). years P= M + [ 1 – (tijan P = present value in the whene annuity tene il (= $ 6219839.68 72 T2 (compounded monthly -0.07 T2 na 12x 31 = 372

-372 o, 6219839.613 M51- (+ 9:07) ['- 6.07 12 6219839-68 M X (151.73 -). M= .621 9839-68 15173 -> M $ 40992. 42 (approx) Hence, She can withdraw $40992.42. (approx) without running out of the balance.

use the We formula to Corivent APR (annual percentage Rate) to APY (annual percentage Yield APY= (1+ 15) where n ro= giren APR = 7%. n= number of times. compounded in a year, = compounded quaterly, so 4 it .APY= (a + box) -1 0.0719 (approx) APY 7.19% 1. Rounding to nearest hundredth

f (x) = 320+32 to find the slope of the is. tangent to f(n) at (1,8) f"(0) 32 23272732 & f(1) = 32 2/32+32 =) 32 2x8 2 in the equation of the tangent to f(n) at (!,8) is. (7-8)= 2 (3-1). - y-2x=8-2. y = 2x+6

I think you have given three sums only. One sum is repeated. If you find any mistake, please comment so that I can correct myself as soon as possible.

Hope this will help you. Thank you.