Question 925620
The formula is {{{ A = P*( 1 + r/n )^(n*t) }}}
My view of this is that if TC draws money
out at a faster rate than it is collecting
interest, then that seems to violate his 
agreement to leave the principle in for a year.
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So my view is that TC should only draw out 
interest in 6 withdrawals
{{{ 10000*6 = 60000 }}} is the total he wants to 
withdraw
{{{ A = P*( 1 + .12/12 )^( 12*1) }}}
{{{ A = P*1.01^12 }}}
{{{ A = 1.1268P }}}
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The actual interest accumulated in a year is:
{{{ 1.1268P - P = .1268P }}}
I want {{{ 600000 = ( .1268P ) / 2 }}} ( a half-year )
{{{ .0634P = 60000 }}}
{{{ P = 946372.24 }}}
TC needs to deposit $946,372.24 today
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DEFINITELY get a 2nd opinion on this. I think my
approach is right, but I could be out in left field, too.
Hope it helps.