Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 11, 2021

A person wins $10,000 in a state lottery. He plans to deposit this money in a savings account to earn 8% annual interest for

A person wins $10,000 in a state lottery. He plans to deposit this money in a savings account to earn 8% annual interest for 6 years. If he wants to withdraw equal annual amounts from the account for 6 years, starting with the first withdrawal one year from the date of deposit, what will be the amount of each withdrawal?

Step by Step Solution

★★★★★

3.53 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the amount of each withdrawal we can use the concept of an ordinary ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship Successfully Launching New Ventures

Authors: Bruce R. Barringer, R. Duane Ireland

5th edition

133797198, 978-0133797190

More Books

Students also viewed these Marketing questions

Question

★★★★★

Students are expected to make the merger and acquisition decision based on the concepts and knowledge from the course. The following knowledge will be applied to the project. 3. The time value of...

Answered: 1 week ago

Question

★★★★★

Please create a stock portfolio of at least two Canada based stocks that are members of S&P TSX 60 Index (TSX.CSV), two U.S.based stocks that are members of S&P 500 index (SP500.CSV), two...

Answered: 1 week ago

Question

★★★★★

In general, students are expected to meet the following objectives: 1) To ascertain cost of capital for a new project by using cost of capital of existing firms operating in the same business. (2)...

Answered: 1 week ago

Question

★★★★★

How is it that a state, or any state, such as Oregon, can offer more provisions under FMLA (OFLA) than then the federal rule of FMLA does?

Answered: 1 week ago

Question

★★★★★

In the notation used to develop stratified importance sampling, prove that X = XJ and X have the same distribution. The conditional p.d.f. of X given J = j is fj. Use the law of total probability.

Answered: 1 week ago

Question

★★★★★

It has been observed that the number of chirps made by a cricket each minute depends on the temperature. Crickets wont chirp if the temperature is 38F or less, and observations yield the following...

Answered: 1 week ago

Question

★★★★★

How did Oliva Sabuco recommend that we seek and maintain our emotional health?

Answered: 1 week ago

Question

★★★★★

You are opening a summer business, a chain of three drive-through snow-cone stands. You have hired other college students to work and have purchased a cash register with locked-in tapes. You retain...

Answered: 1 week ago

Question

★★★★★

College Finance Level 1: please show your work. O 46%.. 21:07 DeBarry Corporation makes an investment of $68,000 which yields the following cash flows: Year Cash Flow 2 3 4 $15,000 15,000 21,000...

Answered: 1 week ago

Question

★★★★★

Imogen runs the Manor Park Hotel in Powys, Wales. She purchased the 50-bedroom hotel 10 years ago. She is wondering if the business is trading as well as it could be and would like a report stating...

Answered: 1 week ago

Question

★★★★★

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These...

Answered: 1 week ago

Question

★★★★★

TravThe travel agency is planning a trip to England for 1 0 0 members of a college faculty. The plane fare is $ 5 0 0 within an additional charge of $ 1 0 for each cancellation. What is the number of...

Answered: 1 week ago

Question

★★★★★

Name a manager that works in the government or public sector: the management issues they face, how they deal with those issues, what theory and tools they use to help them in dealing with them

Answered: 1 week ago

Question

★★★★★

The lesson begins by saying how work conflict is different than personal conflict. Why do you think conflict at work is often more difficult to resolve? Have you ever had a conflict with someone at...

Answered: 1 week ago

Question

★★★★★

6. Maintaining inventory accuracy must be an integral part of the attitude of the organization. They must be detected so inventory accuracy is maintained. 8 points in total a) What are the two basic...

Answered: 1 week ago

Question

★★★★★

Derek was the director of the Southside Athletic Ciub when the COVID-19 pandemic hit. At the time the club had approximately Boo dues-paying members, The state ordered the club shut down, and the...

Answered: 1 week ago

Question

★★★★★

Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Metromark Company, a restaurant supply company that uses the allowance method of...

Answered: 1 week ago

Question

★★★★★

After graduating from college and working a few years at a small technology firm. Preet scored a high-level job in the logistics department at Amex Corporation. Amex sells high-quality electronic...

Answered: 1 week ago

Question

★★★★★

What is the purpose of forming an advisory board?

Answered: 1 week ago

Question

★★★★★

If you were thinking about buying a franchise, write three questions that youd ask a franchise organization you were thinking about buying into as a direct result of reading this feature.

Answered: 1 week ago

Question

★★★★★

Alex Gondolas is in the early stages of developing a new laser optics technology that may be of interest to the U.S. Department of Defense. Alex recently attended a seminar for start-ups, and was...

Answered: 1 week ago

Question

★★★★★

1. There are many ways to describe feeling sad and depressed. In your culture, what are different idioms for expressing feelings of sadness and depression (such as feeling blue or down in the dumps)?...

Answered: 1 week ago

Question

★★★★★

2. Say you wanted to find out about the gestures of a particular culture and their meaning. How would you go about doing that research? How would you know for sure thats what people actually did when...

Answered: 1 week ago

Question

★★★★★

1. How do you define good health for yourself? Does your definition resemble the WHO definition of health? Does it incorporate other aspects of health that are not mentioned in the WHO definition?

Answered: 1 week ago

Previous Question Next Question