A 10k deposit is made starting from the year you were born. Every year an additional 1K above the previous year is deposited. (11K when you are 1, 12K when you are 2 etc). The last deposit is when you are 10 years old. The bank has an effective annual interest rate of 5%. What equal annual withdrawals can you make when you turn 18, 19, and 20?

Answer rating: 100% (QA)

Heres how to calculate the equal annual withdrawals you can make when you turn 18 19 and 20 1 Calcul... View the full answer