Lourdes has just retired and plans to consume $14965 from the retirement account every year for the next 10 years starting one year from today, meeting the rest of the expenses from other resources. If the annual interest rate is 9.6% compounded semiannually, how much does Lourdes have in the retirement account today? Round off interest rate to six decimal places.
Lourdes has just retired and plans to consume $14965 from the retirement account every year for the next 10 years starting one year from today, meeting the rest of the expenses from other resources. If the annual interest rate is 9.6% compounded semiannually, how much does Lourdes have in the retirement account today? Round off interest rate to six decimal places.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Lourdes has just retired and plans to consume $14965 from the retirement account every year for the next 10 years starting one year from today, meeting the rest of the expenses from other resources. If the annual interest rate is 9.6% compounded semiannually, how much does Lourdes have in the retirement account today?
Round off interest rate to six decimal places.
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