Your initial investment in a bank is $22,000. Every year you withdraw 2A amount from the...
Your initial investment in a bank is $22,000. Every year you withdraw 2A amount from the bank. At end of 10 years you exhaust out your investment in the bank.
What is the value of A ? interest rate = 6%. (Select A, B, C, D or E)
A . 1360 B. 1495 C. 1100 D. 1248. E. Information missing
Homework Answers
I have answered the question below
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Answer:
Using the excel function PMT,
PMT(RATE, NPER, PV,FV)
=> PMT (6%,10,22000,0) = 2989.10 = 2A
=> A = 1495
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