Finance Math

Rafael Sandino’s parents are in their retirement years. They just received $501,000 after taxes from the sale of their vacation home and decided to invest the money in a bond mutual fund. They chose a no-load mutual fund that yields 6%. a) How much will they receive each year? b) How much would they need to invest if they needed to earn $36,000 per year?

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asked by Heyhi
  1. .06 * 501,000= 30,060

    .06 x = 36,000
    x = 36,000/.06

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    posted by Damon

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