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
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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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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