Curwin has R3003650,00 saved for his retirement. His account earns 8,4% interest per annum, compounded half-yearly. How much will he be able to withdraw at the end of each six-month period if he wants to be able to take withdrawals for 15 years? The first withdrawal will take place after six months. (No money will be left after the 15 years.) Select one: a. R29402,33 b. R874214,00 c. R51790,70
Curwin has R3003650,00 saved for his retirement. His account earns 8,4% interest per annum, compounded half-yearly. How much will he be able to withdraw at the end of each six-month period if he wants to be able to take withdrawals for 15 years? The first withdrawal will take place after six months. (No money will be left after the 15 years.) Select one: a. R29402,33 b. R874214,00 c. R51790,70
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Question
Curwin has R3003650,00
saved for his retirement. His account earns 8,4%
interest per annum, compounded half-yearly. How much will he be able to withdraw at the end of each six-month period if he wants to be able to take withdrawals for 15
years? The first withdrawal will take place after six months. (No money will be left after the 15
years.)
Select one:
a.
R29402,33
b.
R874214,00
c.
R51790,70
d.
R177944,00
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