Shane invested $11,000 in a fund earning 5.5% compounded monthly. He will withdraw $800 from the fund every quarter with the first withdrawal being made 4 years from now. What is the total time until the last withdrawal? years months Express the answer in years and months, rounded to the next period
Shane invested $11,000 in a fund earning 5.5% compounded monthly. He will withdraw $800 from the fund every quarter with the first withdrawal being made 4 years from now. What is the total time until the last withdrawal? years months Express the answer in years and months, rounded to the next period
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 10RE: If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32...
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