An endowment fund is set up with a donation of $100,000. If it earns 9% compounded monthly,

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An endowment fund is set up with a donation of $100,000. If it earns 9% compounded monthly, for how long will it sustain end-of-month withdrawals of $1000? (Include the final smaller withdrawal.)

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:51 AM

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An endowment fund is set up with a donation of $100,000. If it earns 9% compounded monthly,

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Given PV 100000 PMT 1000 i 912 075 The endowment can make 186 monthly pay...View the full answer

Business Mathematics In Canada

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