Question
You are going to withdraw $600 at the end of each year for the next four years from an account that pays interest at a
You are going to withdraw $600 at the end of each year for the next four years from an account that pays interest at a rate of 6 percent compounded annually. The account balance will reduce to zero when the last withdrawal is made. How much interest will you earn on the account over the four-year life?
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Quantitative Investment Analysis
Authors: Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle
3rd edition
111910422X, 978-1119104544, 1119104548, 978-1119104223
