Judy won the lottery for $10,500,000. She decides to put all of the money into a...

   

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Judy won the lottery for $10,500,000. She decides to put all of the money into a long term bond maturing after 20 years compounded annually at an interest rate of 5%. After the bond matures she puts the money in a bank account where she takes out a fixed amount of money per month for the next 15 years. The bank account gets a monthly interest rate of 0.5%. How much money can she receive monthly from the bank account? Judy won the lottery for $10,500,000. She decides to put all of the money into a long term bond maturing after 20 years compounded annually at an interest rate of 5%. After the bond matures she puts the money in a bank account where she takes out a fixed amount of money per month for the next 15 years. The bank account gets a monthly interest rate of 0.5%. How much money can she receive monthly from the bank account?