How much will they receive each year how much would they, Financial Management

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How much will they receive each year how much would they

Rafael Sandino’s parents are in their retirement years. They just received $501,000 after taxes from the sale of their vacation home and decided to invest the money in a bond mutual fund. They chose a no-load mutual fund that yields 6%. a) How much will they receive each year? b) How much would they need to invest if they needed to earn $36,000 per year?

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