Sam T.

asked • 04/24/24

MA 162 HW 21: Problem 3

Suppose that for retirement purposes, over the course of 21 years, you make monthly deposits of $410.00 into an ordinary annuity that pays an annual interest rate of 5.411% compounded monthly. After those 21 years, you then want to make monthly withdrawals for 26 years, reducing the balance in the account to zero dollars.

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