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A bank promises you $5000 in 5 years if you deposit $1500 today. What annually compounded rate of interest is promised you? Your Answer: Answer

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A bank promises you $5000 in 5 years if you deposit $1500 today. What annually compounded rate of interest is promised you? Your Answer: Answer units Your father has $400000 invested at 7 percent, and he wants to retire. He plans to withdraw $55000 at the beginning of each year, starting now. How long will it take to exhaust his funds, i.e., run the account down to zero? Your Answer: Answer units

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