bartleby
search
close search
Hit Return to see all results

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?

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?

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Annuity withdrawn at the end of each year, A = $ 1,369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

There’s more to the solution above. Sign up now to see!

Sign Up

Not ready to register yet? Check out a sample Q&A here.

Stuck on your homework?

Get expertly curated answers to your homework questions for just $9.99/month

Get As ASAP
Tagged in

Business

Finance

Time Value

Sorry about that. What wasn’t helpful?