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Carla Alvarez is investing $395,500 in a fund that earns 9% interest compounded annually. Click here...

Carla Alvarez is investing $395,500 in a fund that earns 9% interest compounded annually. Click here to view factor tables What equal amounts can Carla withdraw at the end of each of the next 14 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) Yearly withdrawals

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Answer #1

Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate

395,500=Annuity[1-(1.09)^-14]/0.09

395,500=Annuity*7.78615

Annuity=395,500/7.78615

=$50795(Approx).

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