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An endowment fund is set up with a donation of $110,000. If it earns 4.1% compounded monthly, for how long will it sustain end-of-month withdrawals
An endowment fund is set up with a donation of $110,000. If it earns 4.1% compounded monthly, for how long will it sustain end-of-month withdrawals of $1300? (Include the final smaller withdrawal.) (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) |
Endowment is for years and months. |
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