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Question 8 Not yet answered Marked out of 5.00 Flag question Suppose that you have won a lottery of 400000 dollars. You have decided to deposit the full amount into an account, and use up all the money in the account in 20 years by making equal quarterly withdrawals. (1) How much can you withdraw at the end of each month, if the effective monthly interest rate is 0? (2) How much can you withdraw at the end of each month, if the account can earn 10.0% interest compounded monthly? Please use two decimal places. Question 8 Not yet answered Marked out of 5.00 Flag question Suppose that you have won a lottery of 400000 dollars. You have decided to deposit the full amount into an account, and use up all the money in the account in 20 years by making equal quarterly withdrawals. (1) How much can you withdraw at the end of each month, if the effective monthly interest rate is 0? (2) How much can you withdraw at the end of each month, if the account can earn 10.0% interest compounded monthly? Please use two decimal places.
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