Question: I need 5 . 2 1 , not 2 . 3 2 ! ! ! 5 . 2 1 Repeat Problem 2 . 3 2
I need not
Repeat Problem a for continuous compounding.
Ans. $
Ms Frank is planning for a year retirement period and wishes to withdraw a portion of her savings at
the end of each year. She plans to withdraw $ at the end of the first year, and then to increase the
amount of the withdrawal by $ each year, to offset inflation. How much money should she have in
her savings account at the start of the retirement period, if the bank pays a compounded annually?
Ans. a $
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