Question
Amy Monroe wants to create a fund today that will enable her to withdraw $28,500 per year for 7 years, with the first withdrawal to
Amy Monroe wants to create a fund today that will enable her to withdraw $28,500 per year for 7 years, with the first withdrawal to take place 5 years from today. If the fund earns 9% interest, how much must Amy invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)
| Investment amount |
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
15th edition
77861612, 1259194078, 978-0077861612, 978-1259194078
