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Hi There, I do not understand how to find what this question is looking for, I believe there is a formula to use but I
Hi There, I do not understand how to find what this question is looking for, I believe there is a formula to use but I am getting confused. Any help would be appreciated, thanks.
You invested your summer earnings into an annuity from which you can draw expenses while you are at university. If you need to withdraw $1200 each month for 9months of university, how much do you need to invest in an account, earning 6% per year, compounded semi-annually, in order to cover your expenses?
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