SOLUTION: Find the amount necessary to fund the given withdrawals
Monthly withdrawals of $750 for 7 years; interest rate is 6.3% compounded monthly
Algebra ->
Finance
-> SOLUTION: Find the amount necessary to fund the given withdrawals
Monthly withdrawals of $750 for 7 years; interest rate is 6.3% compounded monthly
Log On
Question 1182782: Find the amount necessary to fund the given withdrawals
Monthly withdrawals of $750 for 7 years; interest rate is 6.3% compounded monthly Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! if you are withdrawing the money at the end of each month, the present value is 50,837.81.
if you are withdrawing the money at the beginning of each month, the present value is 51,104.71.
calculation of end of month withdrawal is shown below:
calculation of beginning of month withdrawal is shown below:
inputs are everything except pv (present value).
output is pv (present value).
this is the amount that is necessary to be funded.
first analysis has payments at end of month.
second analysis has payments at beginning of month.
