Can you please explain me this question? Thanks!    (Subject name is the Business Math)

2) Mr. and Mrs. LePine are giving a gift to their new born child, Hayden, as a retirement gift to Hayden by saving $5000 today in a mutual fund that averages 8.4% compounded quarterly. This account is to accumulate for 60 years when Hayden retires. Hayden wish’s to withdraw payments at the end of each month for twenty years. What amount will Hayden receive each month during this twenty-year period?

Answer rating: 100% (QA)

Answer Withdrawal per month 3 05448 Explanation a We need to f... View the full answer