Explain what is apr for a fund

Reference no: EM13180719

Chidnma is retiring this year. Beside social security, he will have a $500,000 retirement fund to draw from. The fund has an APR of 4.25% compounded monthly.
How much can he withdraw at the end of each month to have the fund last 20 years?
How many years will the fund last if he withdraws $100,000 up front for a vacation condominium and then withdraws $2,000 at the end of each month.

Reference no: EM13180719

Questions Cloud

Demonstrate how a minimum wage affects the unskilled labor : Walmart is vilified by many people as being evil, destroying jobs and cities. Others note that it has the lowest prices and is the largest employer in the country. What is the difference? Is Walmart a monopsonist? Demonstrate how a minimum wag..

Teeth are made principally from the mineral hydroxyapatite : Teeth are made principally from the mineral hydroxyapatite, Ca5 (PO4)3OH, which can be dissolved in acidic solution such as that produced by bacteria in the mouth:

Determine which describes the effect on the industry : In doing so, she joined a long list of accomplished lawyers who have failed to pass the notoriously difficult examination, including a former governor who required four attempts to pass and a Los Angeles mayor who gave up after four tires. In the ..

Explain the orignal phosphare standard solution : Pure solid NaH2PO4 is dissolved in distilled water, making 100.0ml of solution. 10 ml of this solution is diluted to 100.00 ml to prepare the orignal phosphare standard solution

Explain what is apr for a fund : How much can he withdraw at the end of each month to have the fund last 20 years? How many years will the fund last if he withdraws $100,000 up front for a vacation condominium and then withdraws $2,000 at the end of each month.

Explain how to separate a neutral organic compound : Draw a flow diagram simply showing how to separate a neutral organic compound from an organic acid and purify both.

Explain a barium sulfate solution : Barium sulfate, BaSO4, is used in medical imaging of the GI tract because it is opaque to X rays. A barium sulfate solution, sometimes called a cocktail, is ingested by the patient

How would you explain to either the president or the ceo : At a recent meeting, the president and the CEO of Production, Inc. got into a heated argument about whether or not to shut down the company's plant in Flint, Michigan. The plant currently loses $50,000/month. The president of Production, Inc. argu..

State the magnitude of the ksp and the stoichiometry : The generic metal hydroxide M(OH)2 has Ksp= 6.64x10^-18. (Note: In this particular problem, because of the magnitude of the Ksp and the stoichiometry of the compound, the contribution of OH from water can be ignored. However, this may not always b..

User Account

All Pages