Tuesday, June 17, 2014

Compounded interest algebra.help?!

Now that their children have completed college and have paid off their mortgage, the couple is ready to retire. They plan to sell their house and expect to receive $357,000 for it. They have found an annuity offering that guarantees a rate of 7.33% compounded monthly. What payments will they receive if they withdraw their money once a month over the next 25 years?

Thanks for the help!

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