Answered: You deposit $24,000.00 in an account…

You deposit $24,000.00 in an account that pays 6% compounded quarterly and immediately start making with withdraws each quarter for the next 6 years. How much can you withdraw each quarter?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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You deposit $24,000.00 in an account that pays 6% compounded quarterly and immediately start making with withdraws each quarter for the next 6 years. How much can you withdraw each quarter?

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