3 Questions
Calculate the monthly interest earned on the $32,500.00 fund, rounded to the nearest cent.
$139.50
How many withdrawals can Nathan make from the fund before it runs out?
8
How long can Nathan make these withdrawals, rounded to the nearest month?
6 years and 2 months
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
Test your financial math skills with this quiz! Calculate the number of monthly withdrawals Nathan can make from a growing fund, and determine how long these withdrawals can be sustained. Get ready to crunch numbers and find the answers!
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