Answered: Suppose that you invest $20 000 in an…

Suppose that you invest $20 000 in an account paying 8% interest. You plan to withdraw $2000 at the end of each year for 15 years. How much money will be left in the account after 15 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Suppose that you invest $20 000 in an account paying 8% interest. You plan to withdraw $2000 at the end of each year for 15 years. How much money will be left in the account after 15 years?

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