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Engineering Economy, Chapter 4: Nominal and Effective Interest Rates Exercise 1: If you deposit now 15,000 QAR in a bank that pays 8% annual interest

Engineering Economy, Chapter 4: Nominal and Effective Interest Rates

Exercise 1:

If you deposit now 15,000 QAR in a bank that pays 8% annual interest compounded quarterly and you wish to withdraw all the money in five equal yearly sums starting from the first year. How much should you withdraw each year?

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