SOLUTION: You want to be able to withdraw $3,000 per month for 15 years. Your account earns 10% interest.
How much do you need in your account at the beginning? (Round up to the whole dol
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-> SOLUTION: You want to be able to withdraw $3,000 per month for 15 years. Your account earns 10% interest.
How much do you need in your account at the beginning? (Round up to the whole dol
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Question 1190390: You want to be able to withdraw $3,000 per month for 15 years. Your account earns 10% interest.
How much do you need in your account at the beginning? (Round up to the whole dollar.) Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! number of months = 15 * 12 = 180.
interest rate compounded monthly = (10/12)%.
payment equals 3000 per month.
if the payment is at the end of the month, the present value will be equal to 279,172.32.
if the payment is at the beginning of the month, the present value will be equal to 281,498.75.
the present value is what you need to have in the account at the beginning.
i used the ti-ba-ii business analyst financial calculator.
