Mr. Ghani wants to deposit his savings of Rs. 50,000 in a bank which offers 8% interest (compounded semi-annually) to withdraw Rs. 2,500 at the end of each six months from the date of deposit. How many withdrawals will he be able to make before the entire amount is exhausted?

Mr. Ghani wants to deposit his savings of Rs. 50,000 in a bank which offers 8% interest (compounded semi-annually) to withdraw Rs. 2,500 at the end of each six months from the date of deposit. How many withdrawals will he be able to make before the entire amount is exhausted?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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