The trustees of a college have accepted a gift of $400000, but are required to deposit it in an account paying 10% per year, compounded
The trustees of a college have accepted a gift of $400000, but are required to deposit it in an account paying 10% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 6 years.
a. Find the amount of each withdrawal.
b. Find the amount of each withdrawal if the money must last 9 years.
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Authors: Bola Sokunbi
1st Edition
1119696739, 978-1119696735
