Ralph Benke wants to make eight equal semiannual withdrawals of $8,000 from a fund that will earn

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Ralph Benke wants to make eight equal semiannual withdrawals of $8,000 from a fund that will earn interest at 11% compounded semiannually.

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How much would Benke have to invest on:

1. January 1, 2007 if the first withdrawal is made on July 1, 2007?

2. July 1, 2007 if the first withdrawal is made on July 1, 2007?

3. January 1, 2007 if the first withdrawal is made on January 1, 2010?

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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Question Posted: Mar 10, 2012 06:03 AM

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Ralph Benke wants to make eight equal semiannual withdrawals of $8,000 from a fund that will earn

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Intermediate Accounting

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