Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $400 per month for 20 years, if the account earns 4% per year and if there is to be $10,000 left in the annuity at the end of the 20 years PV = $ _______
Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $400 per month for 20 years, if the account earns 4% per year and if there is to be $10,000 left in the annuity at the end of the 20 years PV = $ _______
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Find the present value PV of the annuity account necessary to fund the withdrawal given.
(Assume end-of-period withdrawals and compounding at the same intervals as withdrawals.
Round your answer to the nearest cent.)
$400 per month for 20 years, if the account earns 4% per year and
if there is to be $10,000 left in the annuity at the end of the 20 years
PV = $ _______
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