Question
Alexis deposits $12,000 in a savings account with a discount rate of 10% per year. After 15 years, Alexis moves the money to an account
Alexis deposits $12,000 in a savings account with a discount rate of 10% per year.
After 15 years, Alexis moves the money to an account that accumulates at a force of
interest of 8%. At that same time, Alexis begins withdrawing money continuously at
a rate of $6,000 per year until the fund is exhausted. For how many years will Alexis
be able to withdraw money?
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Multinational Financial Management
Authors: Alan C Shapiro, Paul Hanouna
11th Edition
1119559901, 9781119559900
