A child receives ($100),000 as a gift, which is deposited in a bank account earning 6 percent

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A child receives \($100\),000 as a gift, which is deposited in a bank account earning 6 percent compounded semiannually. If \($5\),000 is withdrawn at the end of each half year, how long will the money last?

a. 21 years

b. 15.5 years

c. 25 years

d. 18 years

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Principles Of Engineering Economic Analysis

ISBN: 9781118163832

6th Edition

Authors: John A. White, Kenneth E. Case, David B. Pratt

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