The trustees of a college have accepted a gift of $150,000, but are required to deposit it in an account paying 10% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 8 years (a) Find the amount of each withdrawal is $◻️ (b) Find the amount of each withdrawal if the money must last 11 years is $◻️

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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The trustees of a college have accepted a gift of $150,000, but are required to deposit it in an account paying 10% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 8 years (a) Find the amount of each withdrawal is $◻️ (b) Find the amount of each withdrawal if the money must last 11 years is $◻️
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