Hello Sir/ Mam
YOUR REQUIRED ANSWER IS $28,182.57
Given that:
$100,000 was deposited in the account 8 years back with interest rate of 10%.
Hence, using excel function, "=FV(10%,8,0,-100000,0)", we get today's value = $214,358.88
Now, we have to calculate the amount that can be withdrawn annually for 15 years so as to nullify the account.
Hence,
Using excel function,"=PMT(10%,15,-214358.88,0,0)", we get PMT = $28,182.57
I hope this solves your doubt.
Feel free to comment if you still have any query or need something else. I'll help asap.
Do give a thumbs up if you find this helpful.
Answer the question. $100,000 was deposited in a savings account 8 years ago, and the account...
Answer the question. $100,000 was deposited in a savings account 8 years ago, and the account earned interest at the rate of 10% per year. Assuming the end-of-the-year convention, what is the amount of equal annual withdrawals that can be made to ompletely deplete the fund 15 years from now if the first withdrawal will be made one year from today? B I * Fr
please solve in word format instead of excel Answer the question. $100,000 was deposited in a savings account 8 years ago, and the account earned interest at the rate of 10% per year. Assuming the end-of-the-year convention, what is the amount of equal annual withdrawals that can be made to completely deplete the fund 15 years from now if the first withdrawal will be made one year from today? I B Fi Initial Deposit $100,000,00 (P)
Rick deposited $2,850 into an account 7 years ago for an emergency fund Rick deposited $2,850 into an account 7 years ago for an emergency fund. Today, that account is worth $4,160. What annual rate of return did Rick eam on this account assuming no other deposits and no withdrawals? Multiple Choice o 5.18 percent o 5.55 percent o 4.15 percent o 533 percent
Rick deposited $3,000 into an account 12 years ago for an emergency fund. Today, that account is worth $4,460. What annual rate of return did Rick earn on this account assuming no other deposits and no withdrawals?
Rick deposited $3,050 into an account 9 years ago for an emergency fund. Today, that account is worth $3,950. What annual rate of return did Rick earn on this account assuming no other deposits and no withdrawals?
Many years ago, Julie deposited $14,490 into a savings account. Today, the balance of the account is $62,625. How long ago did she make the initial deposit if the annual interest rate on the account is 5 percent? Multiple Choice 29.51 years 0 29.72 years 29.72 years 30.13 years 30.00 years 29.67 years
Please show work and explain 18) Exactly 5years ago, Carlos deposited $75 l into a savings account that has earned 1% annual interest, compounded quarterly. There have been no other deposits and no withdrawals. What is the account balance today?
Pei's savings account balance is $12,000 today. Pei opened the account exactly 7 years ago with a $10,000 deposit. Pei has made no other deposits or withdrawals. What annual interest rate (compounded annually) has the account earned? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%)
In 2008, Harold deposited $100,000 in an account paying 12.1% annual interest. Harold wants to make six equal annual withdrawals from the account starting with the first withdrawal in 2018. Further, Harold wants to have exactly $140,000 left in the account in 2025. How large can each of the annual withdrawals be? $61,084.74 $50,976.92 $33,627.22 $81,878.74 $54,491.29
please use financial calculator 24. You deposited $1000 in a savings account two years ago. Inflation has been 1.8% per year and the real rate of interest was -0.3% per year. Assuming that interest on the savings account annually, how much do you have in your account today? A) $1015 B) $1021 C) $1030 D) $1043