You won 2nd place in the Wintario Lottery and just received your $375,000 cheque today! You have decided to deposit all the funds into your 6 ¼ % compounded annually savings account AND start making end of month withdrawals. If you would like the monthly payments to last exactly 30 years (before the money runs out): (4) a. How large can those monthly payments (or withdrawals) be? b. How much interest would you earn over the 30 years?
You won 2nd place in the Wintario Lottery and just received your $375,000 cheque today! You have decided to deposit all the funds into your 6 ¼ % compounded annually savings account AND start making end of month withdrawals. If you would like the monthly payments to last exactly 30 years (before the money runs out): (4) a. How large can those monthly payments (or withdrawals) be? b. How much interest would you earn over the 30 years?
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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You won 2nd place in the Wintario Lottery and just received your $375,000 cheque today! You have decided to deposit all the funds into your 6 ¼ % compounded annually savings account AND start making end of month withdrawals. If you would like the monthly payments to last exactly 30 years (before the money runs out): (4)
a. How large can those monthly payments (or withdrawals) be?
b. How much interest would you earn over the 30 years?
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