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An investment account returns 6.29% annually. You want to withdraw $ 10,000 each year for the next 10 years. How much do you have to deposit today? Note: Present Value is the amount of money that needs to be invested today to be able to collect or withdraw a series of periodic equal payments.

An investment account returns 6.29% annually. You want to withdraw $ 10,000 each year for the next 10 years. How much do you have to deposit today? Note: Present Value is the amount of money that needs to be invested today to be able to collect or withdraw a series of periodic equal payments.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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An investment account returns 6.29% annually. You want to withdraw $ 10,000 each year for the next 10 years. How much do you have to deposit today? Note: Present Value is the amount of money that needs to be invested today to be able to collect or withdraw a series of periodic equal payments. $ 72,400 $72,500 O $72,700 $72,600
Transcribed Image Text:An investment account returns 6.29% annually. You want to withdraw $ 10,000 each year for the next 10 years. How much do you have to deposit today? Note: Present Value is the amount of money that needs to be invested today to be able to collect or withdraw a series of periodic equal payments. $ 72,400 $72,500 O $72,700 $72,600
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