Linda has won the New Jersey megabucks lottery consisting of one million dollars. Suppose that she deposits

Question:

Linda has won the New Jersey megabucks lottery consisting of one million dollars. Suppose that she deposits the money in a savings account that pays an annual rate of 8% compounded continuously. How long will the money last if she makes annual withdrawals of $100,000?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Differential Equations and Linear Algebra

ISBN: 978-0131860612

2nd edition

Authors: Jerry Farlow, James E. Hall, Jean Marie McDill, Beverly H. West

Question Posted: