Gene's Art Gallery is notoriously known as a slow-payer. The firm currently needs to borrow $27,500

Today, you are retiring. You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly, on this money throughout your retirement years. You want to withdraw $2,500 at the beginning of every month, starting today. How long will it be until you run out of money?    A.  31.97 years B.  34.56 years C.  42.03 year D.  48.19 years E.  You will never run out of money.   t = 578.33688 months/12 = 48.19 years

57.

Gene's Art Gallery is notoriously known as a slow-payer. The firm currently needs to borrow $27,500 and only one company will even deal with them. The terms of the loan call for daily payments of $100. The first payment is due today. The interest rate is 24 percent, compounded daily. What is the time period of this loan? Assume a 365 day year.    A.  264.36 days B.  280.81 days C.  303.22 days D.  316.46 days E.  341.09 days

58.

The Wine Press is considering a project which has an initial cash requirement of $187,400. The project will yield cash flows of $2,832 monthly for 84 months. What is the rate of return on this project?    A.  6.97 percent B.  7.04 percent C.  7.28 percent D.  7.41 percent E.  7.56 percent   This cannot be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that your answer is correct.