Using a 5% annual compound interest rate, what investment today is needed in order to withdraw $6,000 annually a. for 10 years? $ 46330.41 b. for 10 years if the first withdrawal does not occur for 3 years? $ Round your answers to the nearest dollar. The tolerance is ± 2.

Using a 5% annual compound interest rate, what investment today is needed in order to withdraw $6,000 annually a. for 10 years? $ 46330.41 b. for 10 years if the first withdrawal does not occur for 3 years? $ Round your answers to the nearest dollar. The tolerance is ± 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using a 5% annual compound interest rate, what investment today is needed in order to withdraw
$6,000 annually
a. for 10 years? $
46330.41
b. for 10 years if the first withdrawal does not occur for 3 years? $
Round your answers to the nearest dollar. The tolerance is ± 2.

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