Find an Online Tutor Now

LEX K.

asked • 07/21/16

Algebra help, Income earned on an IRA investment

I need some help on setting up this problem, and how to find the formula to get the correct answer..

Here it is: A retiree needs a yearly income of $10,200 from his $150,000 IRA to help fund his retirement. HE has placed $60,000 of this account in a secure Treasury bond earning 5% yearly interest. What rate of return must he earn on the rest of the investment to reach his $10,200 income goal?

1 Expert Answer

By:

Edwin R. answered • 07/21/16

Tutor
New to Wyzant

Math Tutoring Only

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.