Question
Joe is contrbuting $10,000 per year to his retirement account, with the first contribution to be made 1 year from today and the last one
"Joe is contrbuting $10,000 per year to his retirement account, with the first contribution to be made 1 year from today and the last one at the end of year 30. He plans to retire and make his first withdrawal from the account at the end of year 31. How much can Joe withdraw annually if the interest rate is 10% and he plans to make 20 annual withdrawals after he retires?"
"181,220"
"199,342"
"194,358"
"212,535"
"193,214"
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
8th Edition
0324258917, 9780324258912
