Caleb invested $12,500 in a fund earning 7% compounded quarterly. She withdraws $650 from the fund at the end of every month with the first withdrawal being made 4 years from now. How long will it take for the fund to be depleted? 2 years and 5 months 3 years and 5 months 5 years and 4 months 2 years and 4 months
Caleb invested $12,500 in a fund earning 7% compounded quarterly. She withdraws $650 from the fund at the end of every month with the first withdrawal being made 4 years from now. How long will it take for the fund to be depleted? 2 years and 5 months 3 years and 5 months 5 years and 4 months 2 years and 4 months
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Caleb invested $12,500 in a fund earning 7% compounded quarterly. She withdraws $650 from the fund at the end of every month with the first withdrawal being made 4 years from now. How long will it take for the fund to be depleted?
2 years and 5 months
3 years and 5 months
5 years and 4 months
2 years and 4 months
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