ood day! I need your help tutor please answer the question attached below. The answer is already provided, which means that will be your basis if your answers are correct or not. Ps. In your solution, you identify the given and the what is being asked in the problem and I want to see the formula that you used and box your final answer. Don't give me a solution that is made in ms excel, I am not econ major so i'm asking for you to do the manual or the traditional computation.Lastly, don't give me a shortcut solution because i want to learn and study your computa

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Good day! I need your help tutor please answer the question attached below. The answer is already provided, which means that will be your basis if your answers are correct or not.

Ps. In your solution, you identify the given and the what is being asked in the problem and I want to see the formula that you used and box your final answer. Don't give me a solution that is made in ms excel, I am not econ major so i'm asking for you to do the manual or the traditional computation.Lastly, don't give me a shortcut solution because i want to learn and study your computation :)

Pps. I want you to use the Present Worth Method,Annuity Worth Method, Future Worth Method .(if applicable)

8. Mr. Diamond expects to invest $1000 per year for each of the next 20 years in an investment plan that pays 10% per
year, compounded annually. At the end of the 20th year, he expects to withdraw the balance in his investment plan and
deposit it in a savings account. This savings account pays 6% per year, compounded monthly. Mr. Diamond wants to
withdraw a fixed amount from this savings account each month, for a total of five years. How large may this fixed
amount be? Ans. A= $1107.13
Transcribed Image Text:8. Mr. Diamond expects to invest $1000 per year for each of the next 20 years in an investment plan that pays 10% per year, compounded annually. At the end of the 20th year, he expects to withdraw the balance in his investment plan and deposit it in a savings account. This savings account pays 6% per year, compounded monthly. Mr. Diamond wants to withdraw a fixed amount from this savings account each month, for a total of five years. How large may this fixed amount be? Ans. A= $1107.13
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