Question
You just won the lottery! You wish to put away enough money so that you can withdraw $8,000 per month for 21 years. You can
You just won the lottery! You wish to put away enough money so that you can withdraw $8,000 per month for 21 years. You can earn 10.2% rate on any funds you deposit. How much will you have to deposit now to meet your goal? (Note: Withdrawal frequency matches compounding frequency.)
| A. | $480,100 |
| B. | $653,143 |
| C. | $829,659 |
| D. | $886,890 |
| E. | $536,773 |
| F. | $712,179 |
| G. | $771,203 |
| H. | $594,551 |
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
