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

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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