Question
Joe has withdrawn $1,262 from his account in year 3 and the value of his withdrawal has increased by 2% ever year after that till
Joe has withdrawn $1,262 from his account in year 3 and the value of his withdrawal has increased by 2% ever year after that till the end of year 9. How much did he need to deposit in a lump sum in year 0 in an account that earns 7% per year to be able to afford these withdrawals?
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Healthcare Finance An Introduction To Accounting And Financial Management
Authors: Louis C. Gapenski
2nd Edition
1567931650, 978-1567931655
