A Professional Athlete Invested $3

question 95

Multiple Choice

A professional athlete invested $3.1 million of a bonus in an account that earns an annual rate of 6.8%, compounded semiannually. If $120,400 is to be withdrawn at the end of each six months, how long will it be until the account balance is $0? Round your answer to two decimal places. ​

• A)62.29 half-years
• B)31.66 half-years
• C)21.44 half-years
• D)16.33 half-years
• E)123.55 half-years

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Definitions:

Caregiving Settings

Environments where support and assistance are provided to individuals who need help due to age, illness, or disability, such as homes, daycares, and healthcare facilities.

Life Span

denotes the maximum duration of life specific to a species or the entire existence of an individual from birth to death.

Authoritarian Parenting

is a parenting style characterized by high demands and low responsiveness, where parents enforce strict rules and expect obedience without much dialogue or explanation.

Family-centered Atmosphere

A setting or approach where the needs, preferences, and involvement of the family are prioritized and integrated into practices or services.