An account paying 4.6% interest compounded quarterly has a balance of $506,732.32. Determine the amount that can be withdrawn qu
arterly from the account for 20 years, assuming ordinary annuity.
2 answers:
Answer:
$4842295538
Step-by-step explanation:
Amount after 20 yrs
A = p(1 + r/n)^tn
A= 506,732.32(1+(0.46/60))^ (20*60)
A = 506,732.32(1+(7.667*10^-3))^ (1200)
A = 506,732.32(1.0076667)^(1200)
A = 506,732.32*9555.924
A = 4842295538
14 percent in the department
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