You just won the lottery!You wish to put away enough money so that you can withdraw $6,000

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You just won the lottery!You wish to put away enough money so that you can withdraw $6,000 per month for 25 years.You can earn 11.4% rate on any funds you deposit.How much will you have to deposit now to meet your goal? (Note: Withdrawal frequency matches compounding frequency.)

A. $712,179

B. $771,203

C. $886,890

D. $594,551

E. $480,100

F. $829,659

G. $536,773

H. $653,143

Posted Date: May 18, 2024 05:14 PM

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You just won the lottery!You wish to put away enough money so that you can withdraw $6,000

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