If you deposit P dollars in a retirement fund every year for N years with the...

 

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If you deposit P dollars in a retirement fund every year for N years with the intention of then withdrawing Q dollars per year for M years, you must earn interest at a rate r satisfying P (b − 1) = Q (1-b-M) - where b = 1 + r. Assume that $2100 is deposited each year for 28 years and the goal is to withdraw $7000 per year for 10 years. Use Newton's Method to compute r. (Use decimal notation. Give your answer to two decimal places.) r = 1 Incorrect % If you deposit P dollars in a retirement fund every year for N years with the intention of then withdrawing Q dollars per year for M years, you must earn interest at a rate r satisfying P (b − 1) = Q (1-b-M) - where b = 1 + r. Assume that $2100 is deposited each year for 28 years and the goal is to withdraw $7000 per year for 10 years. Use Newton's Method to compute r. (Use decimal notation. Give your answer to two decimal places.) r = 1 Incorrect %

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Notetheinformationgivenar P 2100 Q 7000 N 28 M 10 P b 1 Q 1bM 2100 628 ... View the full answer