Matthew currently has $2,000 in his checking account and $10,000 in a savings account. He owns a home worth $120,000 and he owes

Answer:

The result is: $9,625

Explanation:

To determine this, we first need to calculate the future value of the invested amount over 10 years at an annual interest rate of 6.5%.

FV = P + (P × R × T )

where:

FV = Future value

P = Principal = $700,000

R = Interest rate in decimal = 6.5% = 0.065

T = Time = 10 years

Additionally, ( P × R × T ) represents the simple interest formula for the invested sum.

Thus, FV = 700,000 + ( 700,000 × 0.065 × 10 )

FV = 700,000 + 455,000 = $1,155,000

Next, we need to find out how much can be withdrawn every month over 10 years. First, we calculate the total number of months in 10 years:

1 year = 12 months

Therefore, 10 years = 12 × 10 = 120 months

Finally, the monthly withdrawal amount can be calculated as follows:

Monthly withdrawal = Total amount ÷ number of months

= 1,155,000 ÷ 120 = $9,625.

Thus, the correct choice would be:

A. discussing non-business-related topics

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