Jody wants to travel at the time when her bank account has $11,675, and she needs...

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Jody wants to travel at the time when her bank account has $11,675, and she needs to withdraw from her account $2,085 at the

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Answer 1

Answer #1

given interest rate is 4% componded quarterly

effective annual rate is = (1+0.04/4)^4 - 1 = 4.06%

semi annual rate is 2.03%

she can withdraw for 6 semi annual periods that is 3 years

if calculator fv vaiable shall be set to 0

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