Your Uncle Has $300,000 Invested at 7

question 40

Multiple Choice

Your uncle has $300,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the BEGINNING of each year, beginning immediately. He also wants to have $25,000 left to give you when he ceases to withdraw funds from the account. For how many years can he make the $35,000 withdrawals and still have $25,000 left in the end?

• A) 11.98
• B) 12.61
• C) 13.27
• D) 14.63

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Definitions:

Cenozoic Era

Span of geologic time extending from 66 mya to the present; marked by diversification of mammals, birds, insects, and flowering plants. Divided into Paleogene (66–23 mya), Neogene (23–2.6 mya), and Quaternary (2.6 mya to present) periods.

Chemical Evolution

The gradual process by which simple chemical compounds give rise to more complex molecules, eventually leading to the emergence of life.

Brachiate Primates

Primates that move by swinging with their arms from one handhold to another, also known as brachiation.

Gibbons

A group of primates known for their ability to brachiate and their distinctive whooping calls. They are smaller than great apes and live in the forests of Southeast Asia.