Multiple Choice
Your mother has just retired.The balance in her investment account is $600,000 and she wants to receive monthly payments of $5,000.If she receives the payments at the end of the month,and the current interest rate is 7 percent,compounded quarterly,how many months will her investment account last for?
A) 98 months
B) 120 months
C) 170 months
D) 206 months
Correct Answer:
Verified
Correct Answer:
Verified
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