Katrina deposits $20,000 at the start of each year for fifteen years. Three years after...
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Accounting
Katrina deposits $20,000 at the start of each year for fifteen years. Three years after her final deposit, she decides to give everything in her account to her high school. The school plans to exhaust the fund by withdrawing continuously for ten years at a rate of $K per year. Suppose the nominal annual rate of discount is 4% compounded quarterly for the first fifteen years, and the force of interest at time t is t = 6 ,t 15. Determine the value of K. Please use actuary notation not excel notation.
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