Question
Ricky wants to withdraw $400/month from an account for the next 3 years and on the last payment, in addition to the $400 she also
| Ricky wants to withdraw $400/month from an account for the next 3 years and on the last payment, in addition to the $400 she also wants to withdraw $5,000. If the rate for the account is 12% how much must be available to provide for this cashflow. DRAW A TIMELINE, IDENTIFY THE TYPE OF TVM PROBLEM and solve. Assume the $5,000 compounds at the same rate as the $400. |
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Personal Finance
Authors: E Thomas Garman, Raymond E Forgue
10th Edition
143903902X, 9781439039021
