A family has 100,000 in the bank. They want to withdraw 8,000 every year for as long as necessary.How many regular withdrawals of 8,000 can be made? How much is the last withdrawal if it is to bemade 1 period after the last regular withdrawal? (i=10%)

the family can made 12 regular withdrawals of 8000 every year.

Answered: A family has 100,000 in the bank. They…

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...

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A family has 100,000 in the bank. They want to withdraw 8,000 every year for as long as necessary. How many regular withdrawals of 8,000 can be made? How much is the last withdrawal if it is to be made 1 period after the last regular withdrawal? (i=10%)