Question

Express monetary answers to the nearest whole dollar. Express percentage answers to the nearest hundredth

24.After saving diligently herentire career, Alexandra isready to retire with a nest egg of $692,500. Sheneedsto invest this money in a mix of stocks and bonds that will allow herto withdraw $5,750 per month for 20 years. What annual interest rate (APR) doesshe need to earn?(Express as a percentage to the nearest hundredth)

25.Susan borrowed $62,500 in student loans and she has just graduated from Elon University. She earns enough at hernew job to allow herto pay $575 per month on the loan. If the annual rate on the student loan is 4.18% (compounded monthly), how long will it take Susanto pay off herstudent loans? Specify thenumber of months to the nearest whole number

Answer 1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

PV, FV, ANNUITY (Autosa File Home Insert Page Layout Formulas Data Review View Add-Ins Cut - AutoSum General A A Wrap Text Calibri 11 Fill a Copy- A Merge & Center Conditional Format Insert Delete Format Paste S % Cell Sort & Find & BIU 2 Clear Format Painter er Select Formatting ble Styles Clipboard Font Alignment Number Shules Cells Editing BT10 BQ BT BU CE BN BO BP BR BS BV BW BX BY BZ CA 1 2 24 present value 692500 PMT 5750 5 20 years 6 no of months 240 monthly rate 0.65846% RATE(BP6,-BP4, BP3)] 7 7.90% APR 9 10 25 LOAN 62500 11 575 PMT 12 RATE 4.18% 13 0.3483333% [4.18%/12] MONTHLY RATE 14 NO OF MONTHS 137 NPER(BP13,-BP11,BP10)] 15 16 17 18 19 14 H LOAN OPTIONS pv, fv, annuity CAP STRU VALUE LOCK BOXDILUTION DOLLAR COST AVG MORTGAGEEXPO NPER APR CPI ear FVA pvaShe 130% profit margin symbols Re erences 04:58 ENG 30-06-2019