You want to be able to withdraw $5000 from an account at the end of each year for the next 12 years. How much money should you invest now into an account earning 5.5% interest per year, compounded...


You want to be able to withdraw $5000 from an account at the end of each year for the next 12 years.  How much money should you invest now into an account earning 5.5% interest per year, compounded annually, in order to fund the desired withdrawals?  Assume the account is empty after the last withdrawal is made.




Give the answer to 2 decimal places, and do not use the $ sign in the answer box.



The amount to invest now is  Blank 1. Calculate the answer by read surrounding text. dollars.





Jun 04, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here