e. Fishbone Corporation wants to withdraw $120,000 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year if the fund earns 11%?
e. Fishbone Corporation wants to withdraw $120,000 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year if the fund earns 11%?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 27P
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![e. Fishbone Corporation wants to withdraw $120,000 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning
of the first year if the fund earns 11%?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94be88ea-d565-42eb-9088-15c3cfb42dba%2Fbcd4ff3a-ad7a-4179-86b0-33a9b440924b%2Fr1rrrbu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:e. Fishbone Corporation wants to withdraw $120,000 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning
of the first year if the fund earns 11%?
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