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Find the present value PV of the annuity account necessary to fund the withdrawal given. HINT [See Quick Example 3.] (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $1,200 per quarter for 15 years, if the account earns 6% per year PV = $

Find the present value PV of the annuity account necessary to fund the withdrawal given. HINT [See Quick Example 3.] (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $1,200 per quarter for 15 years, if the account earns 6% per year PV = $

Advanced Engineering Mathematics
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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Find the present value PV of the annuity account necessary to fund the withdrawal given. HINT [See Quick Example 3.] (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.)
$1,200 per quarter for 15 years, if the account earns 6% per year
PV = $
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Given that,

An annuity has a payment of $1,200 per quarter for 15 years and an interest rate of 6% per year.

 

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