Question
You just won the lottery! You wish to put away enough money so that you can withdraw $8,500 per month for 20 years. You can
You just won the lottery! You wish to put away enough money so that you can withdraw $8,500 per month for 20 years. You can earn 9.9% 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. | $829,659 | |
| B. | $653,143 | |
| C. | $886,890 | |
| D. | $480,100 | |
| E. | $594,551 | |
| F. | $536,773 | |
| G. | $712,179 | |
| H. | $771,203 |
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Financial Management Core Concepts
Authors: Raymond Brooks
3rd Edition
0133866742, 9780133866742
