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Phillip invested $11,500 into a fund earning 6.50% compounded monthly. He plans to withdraw $750 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 3 years from now, how long will it take for the fund to be depleted? 15 years (x 11 months x) 6 months 5 years Express the answer in years and months, rounded to the next period

Phillip invested $11,500 into a fund earning 6.50% compounded monthly. He plans to withdraw $750 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 3 years from now, how long will it take for the fund to be depleted? 15 years (x 11 months x) 6 months 5 years Express the answer in years and months, rounded to the next period

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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Phillip invested $11,500 into a fund earning 6.50% compounded monthly. He plans to withdraw $750 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 3 years from now, how long will it take for the fund to be depleted? 15 years (x 11 months x) 6 months 5 years Express the answer in years and months, rounded to the next period
Transcribed Image Text:Phillip invested $11,500 into a fund earning 6.50% compounded monthly. He plans to withdraw $750 from the fund at the end of every quarter. If the first annuity withdrawal is to be made 3 years from now, how long will it take for the fund to be depleted? 15 years (x 11 months x) 6 months 5 years Express the answer in years and months, rounded to the next period
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