Robert invested the profit of his business in an investment fund that was earning 3.25% compounded monthly. He began withdrawing $4,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 7 years, how much money did he initially invest in the fund?

Robert invested the profit of his business in an investment fund that was earning 3.25% compounded monthly. He began withdrawing $4,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 7 years, how much money did he initially invest in the fund?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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