A $20,000 investment will be allowed to grow at 4.5% compounded semiannually until it can support semiannual
Question:
A $20,000 investment will be allowed to grow at 4.5% compounded semiannually until it can support semiannual withdrawals of $1000 for 20 years. Rounded to the nearest month, how long before the first withdrawal must the investment be allowed to grow?
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Given The period of deferral is 1212 half years or 6 years and 1 mont...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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