How much is needed in an account that earns an annual rate of 8.4% compounded monthly in order to withdraw $1,200 at the end of each month for 22 years? Round your answer to the nearest cent.
A)$103,164.36
B)$156,715.29
C)$151,429.66
D)$144,245.22
E)$134,479.83

Question

How much is needed in an account that earns an annual rate of 8.4% compounded monthly in order to withdraw $1,200 at the end of each month for 22 years? Round your answer to the nearest cent. ​
A)$103,164.36
B)$156,715.29
C)$151,429.66
D)$144,245.22
E)$134,479.83

Quizplus · Accepted Answer

The Answer of How much is needed in an account that earns an annual rate of 8.4% compounded monthly in order to withdraw $1,200 at the end of each month for 22 years? Round your answer to the nearest cent. ​
A)$103,164.36
B)$156,715.29
C)$151,429.66
D)$144,245.22
E)$134,479.83

How Much Is Needed in an Account That Earns an Annual