document.write( "Question 1194625: You withdraw $1500 from a bank account each month that earns 3% annual interest. How much money do you need to start with in the account so that it will last 20 years? Round your answer to 2 decimal places
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Algebra.Com's Answer #827543 by Theo(13342) $\"\"$ $\"About$

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you would need 270,466.37 rounded to the nearest penny.
\n" ); document.write( "the amount rounded to the display size of the ti-ba-ii calculator that i used is 270,466.3716.
\n" ); document.write( "the actual amount, rounded to more decimal places, is 270,466.371618706, which i got from an excel spreadsheet.
\n" ); document.write( "your solution is 270,466.37.
\n" ); document.write( "i also used an online calculator to get this value.
\n" ); document.write( "the result from using that calculator, at https://arachnoid.com/finance/ is shown below:
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\n" ); document.write( "inputs are everything except pv (present value).
\n" ); document.write( "output is pv.
\n" ); document.write( "number of years is multiplied by 12 to get 20 * 12 = 240 months.
\n" ); document.write( "interest rate per year is divided by 12 to get .25% per month.
\n" ); document.write( "payments are assumed to be at the end of each month.\r
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