8
practice testMultiple Choice

Practice Test

Question 8 of 12 • Advanced Financial Algebra

Sherry has $800,000 in her 403(b) account and wants to withdraw money over 25 years. She expects an annual interest rate of 3.5% What is Sherry's estimated monthly payout? Use the formula P=P⁢V⋅(r)/(1−(1+r)^−n)

Answer
A
2 dollars comma 333 point 4 1
B
4 dollars comma 004 point 9 9
C
1 dollars comma 646 point 2 1
D
6 dollars comma 124 point 4 0
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