JACK plans to retire after 20 years. Deposit account in a bank for this He thinks to open it. The interest on time deposits applied by the bank is 12% per annum. JACK He will deposit equal money every 3 months to his account. 5 years after retirement wants to withdraw $ 55,000 from this account every 6 months. Retired for the first time from the account will withdraw money 6 months after it occurs. a) Cash flow sequences regarding the amounts Jack deposited and withdrawn from the account Draw. b) How much money should Jack deposit her to the account she will open every 3 months?
JACK plans to retire after 20 years. Deposit account in a bank for this He thinks to open it. The interest on time deposits applied by the bank is 12% per annum. JACK He will deposit equal money every 3 months to his account. 5 years after retirement wants to withdraw $ 55,000 from this account every 6 months. Retired for the first time from the account will withdraw money 6 months after it occurs. a) Cash flow sequences regarding the amounts Jack deposited and withdrawn from the account Draw. b) How much money should Jack deposit her to the account she will open every 3 months?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 42P
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JACK plans to retire after 20 years. Deposit account in a bank for this He thinks to open it. The interest on time deposits applied by the bank is 12% per annum. JACK He will deposit equal money every 3 months to his account. 5 years after retirement wants to withdraw $ 55,000 from this account every 6 months. Retired for the first time from the account will withdraw money 6 months after it occurs. a) Cash flow sequences regarding the amounts Jack deposited and withdrawn from the account Draw. b) How much money should Jack deposit her to the account she will open every 3 months?
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