CONTEMP.FINANCIAL MGMT. (LL)-W/MINDTAP
CONTEMP.FINANCIAL MGMT. (LL)-W/MINDTAP
14th Edition
ISBN: 9780357292877
Author: MOYER
Publisher: CENGAGE L
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Chapter 5, Problem 24P
Summary Introduction

To determine: The annual withdrawal amount.

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You deposit $4,500 per year at the end of each of the next 25 years into an account that pays  10 percent compounded annually. How much could you withdraw at the end of each of the 20  years following your last deposit? (The 25th and last deposit is made at the beginning of the 20- year period. The first withdrawal is made at the end of the first year in the 20-year period.)
A deposit of $2,570 is placed into a retirement fund at the beginning of every 6 months for 14 years. The fund earns 3% annual interest, compounded biannually and paid at the end of the 6 months. How much is in the account right after the last deposit? Round your answer to the nearest dollar. Provide your answer below:
Louis is saving for his retirement by making annual end of year deposits for 30 years into a bank account that pays interest at a nominal rate of 8% compounded quarterly. For the first 10 years the deposits are level at $5000 each year. After the 10 th year, each deposit is 3% more than the year before. A) Give an actuarial expression for the account balance after the final deposit is made ? B) What is the account balance after the final deposit is made ?
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How To Calculate The Present Value of an Annuity; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=RU-osjAs6hE;License: Standard Youtube License