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Questions and Answers
Calculate the monthly interest earned on the $32,500.00 fund, rounded to the nearest cent.
Calculate the monthly interest earned on the $32,500.00 fund, rounded to the nearest cent.
- $139.50 (correct)
- $148.50
- $166.50
- $157.50
How many withdrawals can Nathan make from the fund before it runs out?
How many withdrawals can Nathan make from the fund before it runs out?
- 6
- 9
- 7
- 8 (correct)
How long can Nathan make these withdrawals, rounded to the nearest month?
How long can Nathan make these withdrawals, rounded to the nearest month?
- 5 years and 6 months
- 6 years and 2 months (correct)
- 6 years and 3 months
- 6 years and 1 month
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Study Notes
Calculating Monthly Interest
- The fund balance is $32,500.00
- The monthly interest rate is not specified, so it cannot be calculated
Withdrawal Limitations
- Nathan has access to the $32,500.00 fund
- The number of withdrawals Nathan can make depends on the withdrawal amount, which is not specified
- The number of withdrawals cannot be calculated without the withdrawal amount
Withdrawal Duration
- The duration of withdrawals depends on the withdrawal amount and frequency, which are not specified
- The duration cannot be calculated without more information, and therefore cannot be rounded to the nearest month
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