8. You aunt has just retired and has $3,000,000 in her retirement account. She expects to live for another thirty years (exactly) and wishes to leave $500,000 each to the Chicago Symphony Orchestra and to the Lyric Opera when she is gone. What is the most that she could withdraw from this account at the end of each quarter and still leave the money to the symphony and opera? The fund is expected to return six percent per annum, compounded monthly?

8. You aunt has just retired and has $3,000,000 in her retirement account. She expects to live for another thirty years (exactly) and wishes to leave $500,000 each to the Chicago Symphony Orchestra and to the Lyric Opera when she is gone. What is the most that she could withdraw from this account at the end of each quarter and still leave the money to the symphony and opera? The fund is expected to return six percent per annum, compounded monthly?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 23E

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8. Your aunt has just retired and has $3,000,000 in her retirement account. She expects to live for another thirty years (exactly) and wishes to leave $500,000 each to the Chicago Symphony Orchestra and to the Lyric Opera when she is gone. What is the most that she could withdraw from this account at the end of each quarter and still leave the money to the symphony and opera? The fund is expected to return six percent per annum, compounded monthly?

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