An initial investment of 2,000 dollars accrues interest at rate 10 % annually (compounded). At the end of every year the investor can withdraw some fixed dollar amount from the investment. What fixed annual withdrawl would leave the investment worthless after exactly 25 years?
An initial investment of 2,000 dollars accrues interest at rate 10 % annually (compounded). At the end of every year the investor can withdraw some fixed dollar amount from the investment. What fixed annual withdrawl would leave the investment worthless after exactly 25 years?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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An initial investment of 2,000 dollars accrues interest at rate 10 % annually (compounded). At the end of every year the investor can withdraw some fixed dollar amount from the investment. What fixed annual withdrawl would leave the investment worthless after exactly 25 years?
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