Annual withdrawals are made from an investment fund, starting with $5000 and decreasing (negative growth) by 5%

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Annual withdrawals are made from an investment fund, starting with $5000 and decreasing (negative growth) by 5% per year for 15 years.
(a) What will be the size of the 15th withdrawal? (Let k = -5%)
(b) What will be the total amount withdrawn

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:01 AM

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Annual withdrawals are made from an investment fund, starting with $5000 and decreasing (negative growth) by 5%

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Contemporary Business Mathematics with Canadian Applications

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