Amount in the account, 27 years ago = P = $ 27,992

Period, T = 27 years

Annuity withdrawn at the end of each year, A = $ 1,369

Interesr rate, R = 9% per annum

Question

Suppose 27 years ago your father deposited $ 27992 in an account earning 9%. Every year you withdrew $1369 (you withdrew 27 times in total, your last withdrawal is today). How much is in the account after your last withdrawal?

Step 1

Amount in the account, 27 years ago = P = $ 27,992

Period, T = 27 years

Annuity withdrawn at the end of each year, A = $ 1,369

Interesr rate, R = 9% per annum

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