A person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1, 2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account on April 1, 2021? The account pays 5% compounded monthly TVM FORMULA
A person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1, 2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account on April 1, 2021? The account pays 5% compounded monthly TVM FORMULA
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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Question
A person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1,
2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account on
April 1, 2021? The account pays 5% compounded monthly
TVM FORMULA
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