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.
a. $83,055.12
b. $63,415.33
c. $72,346.00
d. $63,126.00

Option d - $63,126.00

Step-by-step explanation:

Given : You would like to withdraw a monthly salary of $1,205.78 from an account paying 5.5% interest, compounded monthly.

To find : Determine the amount needed in the account such that you can withdraw the needed amount at the end of each month for 5 years?

Solution :

Applying formula of monthly payment ,

Monthly payment,  

Discount factor  

Where, Amount = ?

Monthly payment = $1205.78

Rate r= 5.5%=0.055  

Time = 5 years  

Now, put all the values we get,  

Substitute the value in the formula,

Therefore, Option d is correct.

The amount needed in the account is $63,126.00

idk

step-by-step explanation:

i don't know

starting with:    

5 + x - 12 = 2x - 7   

5 + x - 12 - x = 2x - 7 - x (subtract x from both sides)   

5 - 12 = x - 7 (combine and cancel x's from both sides)   

5 - 12 + 7 = x - 7 + 7 (add 7 to both sides)   

0 = x (add numbers together on both sides)       

so in order for the equation to be true, x must be 0.   

trying x = -0.5   

5 + x - 12 = 2x - 7 (original equation)   

5 + -0.5 - 12 = 2(-0.5) - 7 (plug in value of x)   

5 + -0.5 - 12 = -1 - 7 (did multiplication)   

-7.5 = -8 (did addition on both sides)       

since -7.5 is obviously not equal to -8, the value of -0.5 for x is wrong.   

trying x = 0   

5 + x - 12 = 2x - 7 (original equation)   

5 + 0 - 12 = 2(0) - 7 (plug in value of x)   

5 + 0 - 12 = 0 - 7 (did multiplication)   

-7 = -7 (did addition on both sides)       

since -7 equals -7, that demonstrates that the value of 0 for x is correct.   

trying x = 1   

5 + x - 12 = 2x - 7 (original equation)   

5 + 1 - 12 = 2(1) - 7 (plug in value of x)   

5 + 1 - 12 = 2 - 7 (did multiplication)   

-6 = -5 (did addition on both sides)       

since -6 is obviously not equal to -5, the value of 1 for x is wrong.