SOLUTION: Find the amount necessary to fund the given withdrawals.
Monthly withdrawals of ​$650 for 8 years; interest rate is 5.1 % compounded monthly.
The amount necessary to fund
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Question 1118830: Find the amount necessary to fund the given withdrawals.
Monthly withdrawals of $650 for 8 years; interest rate is 5.1 % compounded monthly.
The amount necessary to fund the given withdrawals is
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
you would require 51,150.55924 to fund those withdrawals.
your monthly cash flow would look like this.
only the starting and ending months are shown.
to calculate the present value, i used the TI-BA-II financial calculator.
my inputs were:
present value = 0
monthly payment = 650.
percent interest rate per month = 5.1 / 12 = .425
number of months = 8 * 12 = 96
payments are made at the end of each month.
future value = 0
i then had the calculator give me the present value, which was 51,150.55924.
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