Find the present value of the decreasing annuity necessary to fund a withdrawal of $100 per month for 20 years, if the annuity earns 3% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. $18,031.09 O $18,003.70 $18,218.40 $18,147.28
Find the present value of the decreasing annuity necessary to fund a withdrawal of $100 per month for 20 years, if the annuity earns 3% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. $18,031.09 O $18,003.70 $18,218.40 $18,147.28
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 5P
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