Question
You want to be able to withdraw $45,000 each year for 15 years. Your account earns 5% interest. a) How much do you need in
You want to be able to withdraw $45,000 each year for 15 years. Your account earns 5% interest.
a) How much do you need in your account at the beginning? $
b) How much total money will you pull out of the account? $ 675000 Correct
c) How much of that money is interest? $
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School Finance A Policy Perspective
Authors: Allan Odden, Lawrence Picus
5th Edition
0078110289, 978-0078110283
