The trustees of a college have accepted a gift of $150,000, but are required to deposit it in an account paying 10% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 8 years (a) Find the amount of each withdrawal is $◻️ (b) Find the amount of each withdrawal if the money must last 11 years is $◻️
The trustees of a college have accepted a gift of $150,000, but are required to deposit it in an account paying 10% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 8 years (a) Find the amount of each withdrawal is $◻️ (b) Find the amount of each withdrawal if the money must last 11 years is $◻️
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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The trustees of a college have accepted a gift of $150,000, but are required to deposit it in an account paying 10% per year, compounded semiannually. They may make equal withdrawals at the end of each
six-month period, but the money must last 8 years
(a) Find the amount of each withdrawal is $◻️
(b) Find the amount of each withdrawal if the money must last 11 years is $◻️
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