Your Aunt will put $100,000 into a bank while you are growing up. The money will...

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Your Aunt will put $100,000 into a bank while you are growing up. The money will grow at 4.0% interest for exactly n = 8 years. Then exactly one year later, (at n + 1) you start to withdraw the money in 6 annual equal withdrawals, depleting the account. How much can you withdraw to the nearest cent each year? Hint: Draw a time diagram. This is a compound problem where first you need to figute out how much the money grows to for the n years, and then you set up the problem to figure out the payments. Make yourself a time diagram to help 31 45 46 ANSW 47 Moving to the next question prevents changes to this answer. Question 4 of 10 92F Sunny 32 33 INTEREST 34 YEARS 35 PMT 36 PRESENT VA 37 38 FUTURE VAL 39 40 PRESENT VAL 41 PERIOD 42 FUTURE VALUE 43 34 DARY Your Aunt will put $100,000 into a bank while you are growing up. The money will grow at 4.0% interest for exactly n = 8 years. Then exactly one year later, (at n + 1) you start to withdraw the money in 6 annual equal withdrawals, depleting the account. How much can you withdraw to the nearest cent each year? Hint: Draw a time diagram. This is a compound problem where first you need to figute out how much the money grows to for the n years, and then you set up the problem to figure out the payments. Make yourself a time diagram to help 31 45 46 ANSW 47 Moving to the next question prevents changes to this answer. Question 4 of 10 92F Sunny 32 33 INTEREST 34 YEARS 35 PMT 36 PRESENT VA 37 38 FUTURE VAL 39 40 PRESENT VAL 41 PERIOD 42 FUTURE VALUE 43 34 DARY