You are planning to take a four-month trip. You will withdraw $1000 from your account at the beginning of each of the four months. All money for the trip must be in the account when it starts, and you will make no other deposits or withdrawals. You may assume each month is 1/12 of a year.
Assume your account has an annual interest rate of 2.4%, compounded continuously. Let the beginning of your trip be at time t = 0, with t measured in years.
What is the total amount of money you need in your account at the beginning of the trip to make all four withdrawals, with no money left over at the end? Write your answer in both calculator-ready form (labeled CRF), AND as a decimal approximation with units.
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You are planning to take a four-month trip. You will withdraw
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You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $101 in the sixth month and increase your withdrawals by $16 over the previous month’s withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month....
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $105 in the sixth month and increase your withdrawals by $15 over the previous month’s withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?
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You are planning to mak 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $148 in the sixth month and increase your withdrawals by $16 over the previous month's withdrawal How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar ($) symbol. eg. 1234.56 Hint: Determine m and k and use the decision tree to...
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You are planning to mak 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $148 in the sixth month and increase your withdrawals by $16 over the previous month's withdrawal How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar ($) symbol. eg. 1234.56 Hint: Determine m and k and use the decision tree to...
8) You invest in a bank account which pays 6 percent compounded continuously. You withdraw money continuously at a rate of $4000 per month. Let B be the balance in dollars and t be time in years. Suppose you initially start with $300000. 8a) (10 points) Set up a differential equation for this situation. Include the initial condition. Do NOT solve. 8b) (8 points) Find the equilibrium for your differential equation. Is it stable or unstable?
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