An account earning 3.2% annual interest contains 1 million dollars. If a fixed amount of money is withdrawn yearly for 50 years, what is the maximum amount that can be withdrawn? $46,291.63 $37,294.29 $40,354.39 $52,620.76 $31,425.31 a. b. с. d. е.

An account earning 3.2% annual interest contains 1 million dollars. If a fixed amount of money is withdrawn yearly for 50 years, what is the maximum amount that can be withdrawn? $46,291.63 $37,294.29 $40,354.39 $52,620.76 $31,425.31 a. b. с. d. е.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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An account earning 3.2% annual interest contains 1 million dollars. If a fixed amount of
money is withdrawn yearly for 50 years, what is the maximum amount that can be
withdrawn?
$46,291.63
$37,294.29
$40,354.39
$52,620.76
$31,425.31
а.
b.
с.
d.
е.

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