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If you invest the $100,000 now at 5%, compounded annually,

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how much money can you...
If you invest the $100,000 now at 5%, compounded annually, how much money can you withdraw from you account each year so that at the end of 5 years there will be a zero balance?
Submitted: 8 years ago.Category: Business and Finance Homework
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6/16/2010
Business Tutor: Annie Kavitha, Master's Degree replied 8 years ago
Annie Kavitha
Annie Kavitha, Master's Degree
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HelloCustomer

 

Click here for solution

 

 

 

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Business Tutor: Steve, MBA replied 8 years ago
Steve
Steve, MBA
Category: Business and Finance Homework
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Hello,

 

I have a different answer, for an investment of $100,000. The answer is $23,097.48 can be withdrawn from the account each year.

 

I believe the previous expert was using an investment of $10,000 (not $100,000) in her calculations.

 

Please have a look here:

 

http://www.box.net/index.php?rm=box_download_shared_file&file_id=f_451561326&shared_name=hfj93h278p

 

let me know if you have questions.

 

Steve

 



Edited by Stephen, MBA on 6/16/2010 at 4:36 PM EST
Steve
Steve, MBA
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Business Tutor: Annie Kavitha, Master's Degree replied 8 years ago

Hello,

 

Sorry about the omission of zero in the PV.

 

 

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