Question
Justin would like for his heirs to be able to withdraw $2,000 from an account, each month, indefinitely. The annual rate of return in that
Justin would like for his heirs to be able to withdraw $2,000 from an account, each month, indefinitely. The annual rate of return in that account is 6%, compounded monthly. How long will it take Justin to save just the right amount of money for these future withdrawals, if from now on he will be making annual deposits in that account in the amount of $4,912.05 at the end of each year?
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Financial Sector Reform And Privatization In Transition Economies
Authors: John Doukas, Victor Murinde, Clas Wihlborg
1st Edition
044482653X, 9780444826534
