Your Aunt will put $100,000 into a bank while you are growing up. The money will grow at 5.4% interest for exactly n = 7
Posted: Sun May 29, 2022 6:27 pm
Your Aunt will put $100,000 into a bank while you are growing
up. The money will grow at 5.4% interest for exactly n = 7 years.
Then exactly one year later, (at n + 1) you start to withdraw the
money in 4 annual equal withdrawals, depleting the account. How
much can you withdraw to the nearest cent each year? Hint: Draw a
time diagram. This is a compound problem where first you need to
figute out how much the money grows to for the n years, and then
you set up the problem to figure out the payments. Make yourself a
time diagram to help.
up. The money will grow at 5.4% interest for exactly n = 7 years.
Then exactly one year later, (at n + 1) you start to withdraw the
money in 4 annual equal withdrawals, depleting the account. How
much can you withdraw to the nearest cent each year? Hint: Draw a
time diagram. This is a compound problem where first you need to
figute out how much the money grows to for the n years, and then
you set up the problem to figure out the payments. Make yourself a
time diagram to help.