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3 Suppose you inherit $240,000 that was left to you in a n account that earns 2.4% interest, igh compounded monthly. If you withdraw all
3 Suppose you inherit $240,000 that was left to you in a n account that earns 2.4% interest, igh compounded monthly. If you withdraw all of the money right now, you will get hit with a l tax rate. Instead, you decide to take a little out each month. You will use half of what you withdraw for personal expenses, and you will deposit the other half into an account that earns 45% interest, compounded monthly. You plan on doing this for 10 years until the inherited account is empty. a.) How much will you withdraw each month? he account that you deposit half of the withdrawn an ount in to be worth after 10 years? c.) From the time you inherited the money until that particular account is empty, how much interest has been earned
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