ou deposit your inheritance of $500,000 into an account earning 5.3% interest per year compounded monthly. You intend to withdraw a fixed amount monthly for 16 years. What amount can you withdraw monthly in order to empty the account in the 16 years?
ou deposit your inheritance of $500,000 into an account earning 5.3% interest per year compounded monthly. You intend to withdraw a fixed amount monthly for 16 years. What amount can you withdraw monthly in order to empty the account in the 16 years?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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You deposit your inheritance of $500,000 into an account earning 5.3% interest per year compounded monthly. You intend to withdraw a fixed amount monthly for 16 years. What amount can you withdraw monthly in order to empty the account in the 16 years?
Give the answer to 2 decimal places, and do not use the $ sign in the answer box.
Blank 1. Calculate the answer by read surrounding text. dollars
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