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You want to withdraw $12,000 from a savings account at the end of year 1, with withdrawals increasing by 6% each year thereafter over a
You want to withdraw $12,000 from a savings account at the end of year 1, with withdrawals increasing by 6% each year thereafter over a total of 10 years. How much money must be on deposit right now, at the end of year 0, to just deplete the account after the 10 withdrawals? Assume an interest rate is 10% compounded annually. You must use TVOM factors. QUESTION 21 If annual deposits of $2,000 are made into a fund paying 10% interest compounded annually, how much money will be in the fund immediately after the 8th deposit? You must use either equations or TVOM factors
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