You have $329,866 in an investment account earning 5% compounded semi-annually. a) Starting one month from now, how much can you withdraw each month if you want the withdrawals to last 12 years ? Round to 2 decimal places if needed. b) If, instead you need to withdraw $3,000 per month, how long (in months) will the investment last? Round to 2 decimal places if needed.

You have $329,866 in an investment account earning 5% compounded semi-annually. a) Starting one month from now, how much can you withdraw each month if you want the withdrawals to last 12 years ? Round to 2 decimal places if needed. b) If, instead you need to withdraw $3,000 per month, how long (in months) will the investment last? Round to 2 decimal places if needed.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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