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Anthony has $20000 in his bank account. He plans to make monthly withdrawals of $500 from the end of year 1. The interest rate is
Anthony has $20000 in his bank account. He plans to make monthly withdrawals of $500 from the end of year 1. The interest rate is 4.8% p.a. compounded monthly. Anthony can make full withdrawals of $500 for n times. Which of the following equations can be used to calculate n. (There may be more than one correct answer. You will lose mark by picking a wrong answer. The minimum mark for the question is zero.) Select one or more: 500 a. 20000 * (1.0041 1) 0.004 500 b. 20000 *(1 1.004-1) (1.004)-12 0.004 500 c. 20000 + (1.004)11 *(1 1.004-9) 0.004 500 d. 20000 * (1.004 1) * (1.004)-12 0.004 500 e. 20000 + (1 - 1.004") + (1.004)-11 0.004 500 f. 20000 * (1 1.004-) 0.004
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