How long will $500,000, in an investment account that earns 5.25% compounded monthly, sustain month-end withdrawals of

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How long will $500,000, in an investment account that earns 5.25% compounded monthly, sustain month-end withdrawals of $3000?

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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 07:50 AM

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How long will $500,000, in an investment account that earns 5.25% compounded monthly, sustain month-end withdrawals of

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The withdrawals constitute an ordinary simple annuity having PV 500000 PMT 3000month ...View the full answer

Business Mathematics In Canada

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