John Joshua wants to make five equal annual withdrawals of $20,000 from a fund that will earn
Question:
John Joshua wants to make five equal annual withdrawals of $20,000 from a fund that will earn interest at 12% compounded annually.
Required
How much would Joshua have to invest on January 1, 2007 if he makes the first withdrawal on
1. January 1, 2008?
2. January 1, 2007?
3. January 1, 2012?
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1 20000 20000 3604776 7209552 2 20000 20000 4037349 ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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