Cody invested the profit of her business in an investment fund that was earning 2.25% compounded monthly. She began withdrawing $5,000 from this fund every 6 months, with the first withdrawal in 4 years. If the money in the fund lasted for the next 3 years, how much money did she initially invest in the fund?

Cody invested the profit of her business in an investment fund that was earning 2.25% compounded monthly. She began withdrawing $5,000 from this fund every 6 months, with the first withdrawal in 4 years. If the money in the fund lasted for the next 3 years, how much money did she initially invest in the fund?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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