Mathematics, 02.11.2020 08:10 itzlianne

Please help i am offering a lot of pts. 1. A retired couple plans to supplement their income with monthly withdrawals of the interest earned on a retirement account which has a balance of $200,000. If the fund earns interest monthly at an APR of 6%, which the couple withdraws from the account, how much is generated each month? Round/take your answer to the nearest cent.

2. Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays a monthly interest of 4% APR. What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.

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