Answered: You want to be able to withdraw $3,500…

You want to be able to withdraw $3,500 each month for 20 years. Your account earns 10% interest. How much do you need in your account at the beginning? Answer = $ (Round to the nearest cent/penny)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

You want to be able to withdraw $3,500 each month for 20 years. Your account earns 10% interest. How
much do
you
need in your account at the beginning?
Answer = $
(Round to the nearest cent/penny)

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