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On his 45th birthday M deposited R1000 in a fund paying 3.5% and continued making such deposits each year, the last on his 64th birthday.
On his 45th birthday M deposited R1000 in a fund paying 3.5% and continued making such deposits each year, the last on his 64th birthday. Beginning on his 65th birthday, M plans to make equal annual withdrawals of R2000. How many such withdrawals can he make?
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Fundamentals of Corporate Finance
Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D.Jordan
8th Edition
978-0073530628, 978-0077861629
