Question: Your client has been given a trust fund valued at $1.20 million. He cannot access the money until he turns 65 years old, which is

Your client has been given a trust fund valued at $1.20 million. He cannot access the money until he turns 65 years old, which is in 25 years. At that time, he can withdraw $20,000 per month. If the trust fund is invested at a 4.0 percent rate, compounded monthly, how many months will it last your client once he starts to withdraw the money? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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What annual rate of return is earned on a $1,000 investment when it grows to $3,100 in seven years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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To borrow $3,100, you are offered an add-on interest loan at 9.9 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Equal payment $ Compute the EAR of the loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.) EAR %

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