Juan invested $10,500 into a fund earning 7.50% compounded monthly. She plans to withdraw $700 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 5 years from now, how long will it take for the fund to be depleted?
Juan invested $10,500 into a fund earning 7.50% compounded monthly. She plans to withdraw $700 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 5 years from now, how long will it take for the fund to be depleted?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Juan invested $10,500 into a fund earning 7.50% compounded monthly. She plans to withdraw $700 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 5 years from now, how long will it take for the fund to be depleted?
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