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You plan to put some money into an account so that for the next 4 years you can withdraw $912 from the account at the end of each six month period. What is the size of the initial deposit needed to fund these withdrawals if the account is to be empty after the last withdrawal is made? The account earns 6% interest per year, compounded every 6 months. Round to the penny $

You plan to put some money into an account so that for the next 4 years you can withdraw $912 from the account at the end of each six month period. What is the size of the initial deposit needed to fund these withdrawals if the account is to be empty after the last withdrawal is made? The account earns 6% interest per year, compounded every 6 months. Round to the penny $

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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ssons You plan to put some money into an account so that for the next 4 years you can withdraw $912 from ssons the account at the end of each six month period. What is the size of the initial deposit needed to fund essons these withdrawals if the account is to be empty after the last withdrawal is made? The account earns 6% interest per year, compounded every 6 months. Round to the penny $ essons Lessons 5 Lessons
Transcribed Image Text:ssons You plan to put some money into an account so that for the next 4 years you can withdraw $912 from ssons the account at the end of each six month period. What is the size of the initial deposit needed to fund essons these withdrawals if the account is to be empty after the last withdrawal is made? The account earns 6% interest per year, compounded every 6 months. Round to the penny $ essons Lessons 5 Lessons
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