Hello! I'm struggling with my last homework problem, and I'm really unsure how to go about it. There arent any options to choose from and I would really like someone's help!
If you deposit 70000 into a fund paying 6% interest compounded monthly, how much can you withdraw at the end of each month for 5 years? How much interest do you earn in the 5 year period?
I already got the first question, but I dont know how to find the second.
Thanks for any help!
If you deposit 70000 into a fund paying 6% interest compounded monthly, how much can you withdraw at the end of each month for 5 years? How much interest do you earn in the 5 year period?
I already got the first question, but I dont know how to find the second.
Thanks for any help!
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if you have already got the first part, say $x per withdrawal
interest earned = 60x - 70,000
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interest earned = 60x - 70,000
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