Withdrawn for six years, What lump sum of money must be deposited into a bank account at, Finance Basics

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Withdrawn for six years

Problem:

What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for six years, with the first withdrawal scheduled for seven years from today? The interest rate is 0.5% per month. (Hint: Monthly withdrawals begin at the end of the month 84.)

Note: Explain in detail.

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Finance Basics: Withdrawn for six years

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Finance Basics: Withdrawn for six years

Reference No:- TGS0877760

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Finance Basics: Withdrawn for six years

Reference No:- TGS0877760

Recent Questions Asked Finance Basics

Q : Canvas model business for warm bus stop

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Q : Determine required return

Q : What is the irr for project

Q : Withdrawn for six years

Q : Present equivalent of the overhaul expenses

Q : Establish the preliminary performance targets

Q : Required rate of return

Q : Bonds for some much needed expansion projects

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