John Goodheart wishes to provide for six annual withdrawals of $3,000 each beginning January 1, 2017. He
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John Goodheart wishes to provide for six annual withdrawals of $3,000 each beginning January 1, 2017. He wishes to make 10 annual deposits beginning January 1, 2007, with the last deposit to be made on January 1, 2016.
Required
If the fund earns interest compounded annually at 10%, how much is each of the 10 deposits?
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The present value of the six annual withdrawals of 3000 is first calculated This present value is t...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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