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Stephen invested $11,000 into a fund earning 5.50% compounded quarterl o withdraw $800 from the fund at the end of every month. If the first annu vithdrawal is to be made 2 years from now, how long will it take for the fur depleted? years months

Stephen invested $11,000 into a fund earning 5.50% compounded quarterl o withdraw $800 from the fund at the end of every month. If the first annu vithdrawal is to be made 2 years from now, how long will it take for the fur depleted? years months

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Stephen invested $11,000 into a fund earning 5.50% compounded quarterly. He plans to withdraw $800 from the fund at the end of every month. If the first annuity withdrawal is to be made 2 years from now, how long will it take for the fund to be depleted? years months Express the answer in years and months, rounded to the next period
Transcribed Image Text:Stephen invested $11,000 into a fund earning 5.50% compounded quarterly. He plans to withdraw $800 from the fund at the end of every month. If the first annuity withdrawal is to be made 2 years from now, how long will it take for the fund to be depleted? years months Express the answer in years and months, rounded to the next period
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