Posted by **Elizabeth** on Monday, July 11, 2011 at 1:13pm.

1. A man establishes an annuity for retirement by depositing $50,000 into an account that pays 7.2% compounded monthly. Equal monthly withdrawals will be made each month for 5 years, at which time the account will have a zero balance. Each year taxes must be paid on the interest earned by the account during that year. How much interest was earned during the first year?

## Answer This Question

## Related Questions

- maths - robin invests $50 on the first of every month into a superannuation ...
- gscc - robin invests $50 on the first of every month into a superannuation ...
- Math - A company establishes a sinking fund in order to have 100,000 for ...
- Corporate Finance - A 15-year annuity pays $1,750 per month, and payments are ...
- math - Linda invests $15,000 in a retirement account that pays 9%interest ...
- Finite Math and Applied Calculus - Betty Sue sets up a retirement account. For ...
- PLEASE HELP Math - As a fringe benefit for the past 8 years, Colin's employer ...
- finance - find the amount for each ordinary annuity if there are payments of $...
- ctu - Diane works at a public university. She contributes $625 at the end of ...
- math - Tim deposits $10 every month into a retirement account which averages 18...

More Related Questions