Yesterday you won $340,000 and decided to invest your money at 9.15% per year (compounded annually)....
Yesterday you won $340,000 and decided to invest your money at 9.15% per year (compounded annually). How much money could you withdraw at the end of the next 14 years?
| A. |
$39,654.39 |
|
| B. |
$43,685.53 |
|
| C. |
$44,036.48 |
|
| D. |
$46,556.22 |
|
| E. |
$44,001.93 |
Homework Answers
| Withdaw in each year (P) | PVA÷([1-(1÷(1+r)^n)]÷r) | |
| Here, | ||
| A | Interest rate per annum | 9.15% |
| B | Number of years | 14 |
| C | Number of compoundings per per annum | 1 |
| A÷C | Interest rate per period ( r) | 9.15% |
| B×C | Number of periods (n) | 14 |
| Present value (PVA) | $ 340,000.00 | |
| Withdaw in each year (P) | $ 44,036.48 | |
| 340000÷((1-(1÷(1+9.15%)^14))÷9.15%) |
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