You deposit $64000 into an account which pays 5% compounded monthly. You wish to make semiannual withdrawals for 6 years. What is the size of the withdrawals? $

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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You deposit $64000 into an account which pays 5% compounded monthly. You wish to make semiannual withdrawals for 6 years.

What is the size of the withdrawals? $

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