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You want to be able to withdraw $7500 from an account at the end of each 6-month period (that is, twice a year) for the next 13 years. How much money should you invest now into an account earning 4.5% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. The amount to invest now is dollars.

You want to be able to withdraw $7500 from an account at the end of each 6-month period (that is, twice a year) for the next 13 years. How much money should you invest now into an account earning 4.5% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. The amount to invest now is dollars.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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5 lessons You want to be able to withdraw $7500 from an account at the end of each 6-month period (that is, twice a year) for the next 13 years. How much money should you invest now into an account earning 4.5% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is 7 lessons 8 lessons made. Give the answer correctly to 2 decimal places. 3 lessons The amount to invest now is dollars. r4lessons
Transcribed Image Text:5 lessons You want to be able to withdraw $7500 from an account at the end of each 6-month period (that is, twice a year) for the next 13 years. How much money should you invest now into an account earning 4.5% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is 7 lessons 8 lessons made. Give the answer correctly to 2 decimal places. 3 lessons The amount to invest now is dollars. r4lessons
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