PLEASE USE EXCEL AND SHOW FUNCTIONS USED!
Posted: Sun May 08, 2022 9:47 am
PLEASE USE EXCEL AND SHOW FUNCTIONS USED!
1. (20 points) A widow received $100,000 from an insurance company after her husband's death. She wants to deposit this amount in a savings account that earns interest at a rate of 3% compounding monthly. She would like to make 48 equal monthly withdrawals over four years, so that this savings account will have a zero balance with the last withdrawal. Show her account's monthly balance in a cash balance table. a) What is the monthly effective interest rate? b) How much would she withdraw each month?
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