An endowment fund is set up with a donation of $100,000. If it earns 3% compounded monthly,

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An endowment fund is set up with a donation of $100,000. If it earns 3% compounded monthly, for how long will it sustain end-of-month withdrawals of $1000? (Include the final, smaller withdrawal.)

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 04:59 AM

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An endowment fund is set up with a donation of $100,000. If it earns 3% compounded monthly,

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Given The annuity consists of 115 monthly payments of 1000 and a fina...View the full answer

Fundamentals Of Business Mathematics In Canada

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