Question
Nathan withdraws $5,246.00 at the beginning of every month from a $50,000.00 fund which is growing at 3.48% compounded monthly. a. Calculate the number of
Nathan withdraws $5,246.00 at the beginning of every month from a $50,000.00 fund which is growing at 3.48% compounded monthly.
a. Calculate the number of monthly withdrawals that he can make, rounded down to include only whole $5,246.00 withdrawals.
b. For how long can these withdrawals be made? Express your answer in years and months, rounding to the nearest month.
years
months
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Lessons In Corporate Finance
Authors: Paul Asquith, Lawrence A. Weiss
2nd Edition
1119537835, 978-1119537830
