Revision as of 23:05, 18 November 2023 by Admin (Created page with "John made a deposit of 1000 into a fund at the beginning of each year for 20 years. At the end of 20 years, he began making semiannual withdrawals of 3000 at the beginning of each six months, with a smaller final withdrawal to exhaust the fund. The fund earned an annual effective interest rate of 8.16%. Calculate the amount of the final withdrawal. <ul class="mw-excansopts"><li>561</li><li>1226</li><li>1430</li><li>1488</li><li>2240</li></ul> {{soacopyright | 2023 }}")
Exercise
ABy Admin
Nov 18'23
Answer
John made a deposit of 1000 into a fund at the beginning of each year for 20 years. At the end of 20 years, he began making semiannual withdrawals of 3000 at the beginning of each six months, with a smaller final withdrawal to exhaust the fund. The fund earned an annual effective interest rate of 8.16%.
Calculate the amount of the final withdrawal.
- 561
- 1226
- 1430
- 1488
- 2240
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