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During your working career you make equal monthly deposits of $500 into an investment fund paying 5% interest per year (nominal rate). The fund compounds
During your working career you make equal monthly deposits of $500 into an investment fund paying 5% interest per year (nominal rate). The fund compounds interest continuously. The first deposit will be made one month from today. How much money can you withdraw from this account immediately when you retire after working for 25 years? (Assume you make a payment into the fund at the end of your working career.)
During your working career you make equal monthly deposits of $500 into an investment fund paying
5% interest per year (nominal rate). The fund compounds interest continuously. The first deposit will be made one month from today. How much money can you withdraw from this account immediately when you retire after working for 25 years? (Assume you make a payment into the fund at the end of your working career.)
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