5
QuizMultiple Choice

Annuities

Question 5 • FL-2102373-Personal Finance and Money Management Honors

You plan on supplementing your income. You would like to withdraw a monthly salary of $1,205.78 from an account paying 5.5% interest, compounded monthly. Determine the amount needed in the account such that you can withdraw the needed amount at the end of each month for 5 years. Round to the nearest cent.

Answer
A
$83,055.12
B
$63,415.33
C
$72,346.00
D
$63,126.00
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