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lakishiaelliott
lakishiaelliott lakishiaelliott
  • 26-07-2016
  • Mathematics
Answered

If Cole wants to retire with $1,000 per month, how much principal is necessary to generate this amount of monthly interest income if the interest rate is 8%?

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LailaDson
LailaDson LailaDson
  • 26-07-2016

Cole has to have 12,500 to generate 1,000

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kennadir
kennadir kennadir
  • 26-07-2016

I think it would be 12,500 too because you have 12 months and 1,000 for every month and you have the 8% interest rate so 12,500

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