On January 1, a woman deposits $5000 in a credit union that pays 8% nominal annual interest, compounded quarterly. She wishes to withdraw all the money in five equal yearly sums, beginning December 31 of the first year. How much should she withdraw each year?
On January 1, a woman deposits $5000 in a credit union that pays 8% nominal annual interest, compounded quarterly. She wishes to withdraw all the money in five equal yearly sums, beginning December 31 of the first year. How much should she withdraw each year?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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On January 1, a woman deposits $5000 in a credit union that pays 8% nominal annual interest, compounded quarterly. She wishes to withdraw all the money in five equal yearly sums, beginning December 31 of the first year. How much should she withdraw each year?
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