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Benjamin has $30000 in his bank account. He plans to make monthly withdrawals of $600 from the end of year 1. The interest rate is
Benjamin has $30000 in his bank account. He plans to make monthly withdrawals of $600 from the end of year 1. The interest rate is 6% p.a. compounded monthly. Benjamin can make full withdrawals of $600 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: 600 a. 30000 *(1.005 1) * (1.005)-12 0.005 600 b. 30000 + (1.005)11 = *(1 1.005-^) 0.005 600 c. 30000 = *(1 1.005-n) * (1.005)-11 0.005 600 d. 30000 = *(1 1.005-1) + (1.005)-12 0.005 600 e. 30000 * (1 1.005-9) 0.005 600 f. 30000 = *(1.005 1) 0.005
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