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please show any formula used or detailed description comment says question is unclear, but this is how it appears on my hw so im not
please show any formula used or detailed description
comment says question is unclear, but this is how it appears on my hw so im not sure on how to update information that doesn't exists
7. The proceeds from a life insurance policy are left on deposit with interest credited at the end of each year. The beneficiary makes withdrawals from the fund at the end of each year t=1,2,..., 9, 10. At the minimum annual effective interest rate of 3% guaranteed in the policy, the equal annual withdrawal woud be 1000. However, the insurer credits interest at an annual effective rate of 4% for the first four years and 5% for the next six years. The actual amount withdrawn at the end of year I is 10.05 where F() is the amount of the fund, including interest prior to the with drawal. Calculate W (10) 7. The proceeds from a life insurance policy are left on deposit with interest credited at the end of each year. The beneficiary makes withdrawals from the fund at the end of each year t=1,2,..., 9, 10. At the minimum annual effective interest rate of 3% guaranteed in the policy, the equal annual withdrawal woud be 1000. However, the insurer credits interest at an annual effective rate of 4% for the first four years and 5% for the next six years. The actual amount withdrawn at the end of year I is 10.05 where F() is the amount of the fund, including interest prior to the with drawal. Calculate WStep by Step Solution
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