8) An engineer received a bonus of $10,000. If he deposits it now at an interest rate of 8% per year, how many years must the money accumulate before she can withdraw $2,000 per year forever?
8) An engineer received a bonus of $10,000. If he deposits it now at an interest rate of 8% per year, how many years must the money accumulate before she can withdraw $2,000 per year forever?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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Transcribed Image Text:8) An engincer received a bónus of $10,000. If he deposits it now at an interest raté of 8% per year, how many years must
the money accumulate before she can withdraw $2,000 per year forever?
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