An ordinary annuity pays 744 compounded monthly a person, Financial Management

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An ordinary annuity pays 744 compounded monthly a person

An ordinary annuity pays 7.44% compounded monthly. A person deposits $100 monthly for 30 years and then makes equal monthly withdrawals for the next 15 years, reducing the balance to zero. Answer the following questions:

(a) What is the size of the monthly withdrawals?

(b) How much interest is earned during the entire 45-year process?

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Financial Management: An ordinary annuity pays 744 compounded monthly a person

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Financial Management: An ordinary annuity pays 744 compounded monthly a person

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