Amount of each withdrawal


Problem:

A person wins $10,000 in a state lottery. He plans to deposit this money in a savings account to earn 8% annual interest for 6 years. If he wants to withdraw equal annual amounts from the account for 6 years, starting with the first withdrawal one year from the date of deposit, what will be the amount of each withdrawal? Please describe in detail and provide all working out.

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Amount of each withdrawal
Reference No:- TGS0876342

Expected delivery within 24 Hours