Mike's checking account pays 0.5% interest monthly and has a $7.50 service fee. if mike's balance last month was $1423, find the amount of credit or debit to his account after interest and service fee are both applied.

a. debit of $7.12
b. debit of 39 cents
c. credit of $7.50
d. credit of 39 cents

Suppose your rich uncle gave you $50,000, which you plan to use for graduate school. you will make the investment now, you expect to earn an annual return of 6%, and you will make 4 equal annual withdrawals, beginning 1 year from today. under these conditions, how large would each withdrawal be so there would be no funds remaining in the account after the 4th withdraw?