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9) At the time of retirement, a couple has $200,000 in an account that pays 8.4% compounded monthly. If they decide to withdraw equal monthly payments for 10 years, at the end of which time the accourt will have zero balance, how much should they withdraw each month? «

9) At the time of retirement, a couple has $200,000 in an account that pays 8.4% compounded monthly. If they decide to withdraw equal monthly payments for 10 years, at the end of which time the accourt will have zero balance, how much should they withdraw each month? «

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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9) At the time of retirement, a couple has $200,000 in an account that pays 8.4% compounded monthly. If they decide to withdraw equal monthly payments for 10 years, at the end of which time the accourt will have zero balance, how much should they withdraw each month?
Transcribed Image Text:9) At the time of retirement, a couple has $200,000 in an account that pays 8.4% compounded monthly. If they decide to withdraw equal monthly payments for 10 years, at the end of which time the accourt will have zero balance, how much should they withdraw each month?
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