Zoey has $65,000 in a college savings account which earns 5% annual interest. Zoey plans on taking equal withdrawals at the end of each year for 7 years while she finishes graduate school. Assume that at the end of 7 years the balance of the account will be zero. How much should she withdraw each year?
Zoey has $65,000 in a college savings account which earns 5% annual interest. Zoey plans on taking equal withdrawals at the end of each year for 7 years while she finishes graduate school. Assume that at the end of 7 years the balance of the account will be zero. How much should she withdraw each year?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
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Zoey has $65,000 in a college savings account which earns 5% annual interest. Zoey plans on taking equal withdrawals at the end of each year for 7 years while she finishes graduate school. Assume that at the end of 7 years the balance of the account will be zero. How much should she withdraw each year?
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