Suppose the total monetary value of all final goods and services produced in a particular country in 2008 is $500 billion and th
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Answer:
$ 75131
Explanation:
Given:
Amount inherited = $ 300000
Present amount of annuity = $ 300000
Interest rate, i = 8% = 0.08
number of years, n = 5
Now,
the formula for the present amount of annuity is given as:
Present amount of annuity =
where,
P is the periodic payment
n is the number of years
now, on substituting the values, we get
$ 300000 =
or
$ 300000 = P × 3.993
or
P = $ 75131.48 ≈ $ 75131
hence, the amount he can withdraw is $ 75131