Question: A fund is established with $ 4, 000 being withdrawn, 18 years, 19 years, 20 years, and 21 years after it was created. If
A fund is established with $ 4, 000 being withdrawn, 18 years, 19 years, 20 years, and 21 years after it was created. If the fund earns interest at 9% per year compounded continuously how much do you have to deposit initially in order to withdraw the designated amount.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
The question describes a scenario where a fund is established that allows for withdrawals of 4000 at 18 19 20 and 21 years after its creation with an ... View full answer
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
