What is the principal invested at 7.74% compounded semi-annually from which monthly withdrawals of end of each month for 22 years? PMT = 450 %3D VY = 0.0774 %3D C/Y = 2 %3D i= 0.0387 %3D # of payment in one year = 12 C= 0.167 p= 0.0856 up to 4 decimal places 'n= 264 FV = $ 57549.44 up to 2 decimal places Total Withdrawl = $ 118800

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 18E
icon
Related questions
Question

all these answers filled are not correct. please help me find the right answers of every blank.

What is the principal invested at 7.74% compounded semi-annually from which monthly withdrawals of $450.00 can be made at the
end of each month for 22 years?
PMT = 450
1/Y = 0.0774
%3D
C/Y = 2
i= 0.0387
# of payment in one year = 12
C = 0.167
p= 0.0856
up to 4 decimal places
n 264
Up to 2 decimal places
FV $ 57549.44
Total Withdrawl = $ 118800
%3D
Interest = $ 61250.56
Transcribed Image Text:What is the principal invested at 7.74% compounded semi-annually from which monthly withdrawals of $450.00 can be made at the end of each month for 22 years? PMT = 450 1/Y = 0.0774 %3D C/Y = 2 i= 0.0387 # of payment in one year = 12 C = 0.167 p= 0.0856 up to 4 decimal places n 264 Up to 2 decimal places FV $ 57549.44 Total Withdrawl = $ 118800 %3D Interest = $ 61250.56
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CFIN
EBK CFIN
Finance
ISBN:
9781337671743
Author:
BESLEY
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Corporate Fin Focused Approach
Corporate Fin Focused Approach
Finance
ISBN:
9781285660516
Author:
EHRHARDT
Publisher:
Cengage
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning