I understand the awnser to this question is B but can you explain in detail why it is B. You inherit $300,000 from your parents and want to use the money to supplement the money on your 65th birthday, the day you retire. You want to withdraw equal amounts at the end of each of the next 20 years. What constant amount can you witho nothing remaining at the end of 20 years if you are earning 7% interest per year? A) $15,000 B) $28,318 C) $33,574 D) $39, 113

I understand the awnser to this question is B but can you explain in detail why it is B. You inherit $300,000 from your parents and want to use the money to supplement the money on your 65th birthday, the day you retire. You want to withdraw equal amounts at the end of each of the next 20 years. What constant amount can you witho nothing remaining at the end of 20 years if you are earning 7% interest per year? A) $15,000 B) $28,318 C) $33,574 D) $39, 113

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 39P

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