Caleb invested $12,500 in a fund earning 7% compounded quarterly. She withdraws $650 from the fund at

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Caleb invested $12,500 in a fund earning 7% compounded quarterly. She withdraws $650 from the fund at the end of every month with the first withdrawal being made 4 years from now. How long will it take for the fund to be depleted?

2 years and 5 months

3 years and 5 months

5 years and 4 months

2 years and 4 months

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Finance Applications and Theory

ISBN: 978-0077861681

3rd edition

Authors: Marcia Cornett, Troy Adair

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Posted Date: Dec 11, 2020 12:36 PM

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Caleb invested $12,500 in a fund earning 7% compounded quarterly. She withdraws $650 from the fund at

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the compound interest formula is A p1 rn nt A Final Amount P Diposited Amou... View the full answer

Finance Applications and Theory

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