Question 10 • Financial Math
Use the monthly interest rate, 0.05 ÷ 12 ≈ 0.004167, and 15 × 12 = 180 monthly withdrawals. Substituting into the formula gives P = 400,000(0.004167) ÷ [1 − (1.004167)^−180] ≈ $3,163.17. Therefore, Anastacia will receive about $3,163.17 per month, choice D.
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