Im going to put $100,000 into an investment at the beginning of year 1. At...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Im going to put $100,000 into an investment at the beginning of year 1. At the end of year 3, I am going to add $50,000 more to the investment. In year 4, I will start to remove $20,000 per year (on the first day of the year). If the interest rate on the investment is 8.2%/year (compounded annually), how long (to the nearest year) before the balance in the investment drops to zero?
PLEASE SOLVE BY HAND!
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
