Yuan invested $10,000 in a fund earning 8% compounded monthly. He wishes to withdraw $800 from the

Question:

Yuan invested $10,000 in a fund earning 8% compounded monthly. He wishes to withdraw $800 from the fund at the end of every quarter, with the first withdrawal to be made three years from now. How long will it take for the fund to be depleted?

AppendixLO1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

Question Posted: