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Stacey and her husband David have a joint savings account that earns 3.5% interest payable continuously and has a current balance of $58,458 . Each
Stacey and her husband David have a joint savings account that earns 3.5% interest payable continuously and has a current balance of $58,458 . Each year, David wishes to withdraw $4,000 payable continuously at a level rate. Stacey wishes to deposit X at the beginning of each year (for thirty years) so that the account will last for thirty years. What is the least X that will work? (Round your answer to the nearest cent.)
Please show work.
The answer is $837.82
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