SOLUTION: Hey I'm just so lost, my older sister tried helping me but she can't remember what to do. I would greatly appreciate your help! (I also greatly NEED it) hahaa By the way I'm not su
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Probability-and-statistics
-> SOLUTION: Hey I'm just so lost, my older sister tried helping me but she can't remember what to do. I would greatly appreciate your help! (I also greatly NEED it) hahaa By the way I'm not su
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Question 580458: Hey I'm just so lost, my older sister tried helping me but she can't remember what to do. I would greatly appreciate your help! (I also greatly NEED it) hahaa By the way I'm not sure if I picked the right topic...but I tried. anyways it's bookwork it says:
Mrs.Boyko has a trust fund from which she withdraws 5% each year. If the fund has a value of $50,000 this year, what will be the value of the fund after 10 years? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! This is the right place ( unless I'm in the wrong place )
I will say:
After 1 yr she will have:
After 2 yrs she will have
After 3 yrs she will have:
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A little too complicated. Go back to the 2nd step
and factor out
and
and
A lot better
Now plug this into step 3 where you see
This time factor out
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This is the rule. If you start with dollars and take out 5%
each year, , after n years, this is what you
have left, so after 10 yrs,
In 10 yrs, the value of the fund is $29,936.85
