If Cole Wants to Retire with Income of $2,000 Per $\$ 1,200,000$

question 9

Multiple Choice

If Cole wants to retire with income of $2,000 per month, how much principal is necessary to generate this amount of monthly interest income if the interest rate is 6%?

• A) \(\$ 1,200,000\)
• B) \(\$ 12,000\)
• C) \(\$ 400,000\)
• D) \(\$ 33,333\)
• E) \(\$ 144,000\)

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Definitions:

Japanese Architectural Style

Refers to traditional architectural principles and styles in Japan, characterized by wooden structures, elevated floors, tatami mat flooring, and sliding doors.

Minimalist Sculptors

Artists who create sculptures using minimal elements to express ideas, focusing on simplicity and essential forms.

Three-dimensionality

The quality or condition of having or seeming to have length, breadth, and depth, giving a sense of physical volume.

Tony Smith

An influential American sculptor known for his large, abstract, geometric works and a significant figure in the minimalist art movement.