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Colt1911 [192]
3 years ago
11

Find the periodic withdrawals PMT for the annuity given. HINT [See Example 4.] (Assume end-of-period withdrawals and compounding

at the same intervals as withdrawals. Round your answer to the nearest cent.) $100,000 at 6%, paid out monthly for 11 years
Mathematics
1 answer:
Anettt [7]3 years ago
8 0
It depends on if the interest rate of 6% is nominal or not.  The question doesn't specify.  Let's assume that is is a nominal rate, compounded monthly.
Start with 100000 = x * a angle 132 at .5% per month
This becomes 100000 = x * (1-1.005^-132)/.005
Which becomes (100000(.005))/(1 - 1.005^-132) = x
So x is the PMT, which is 1036.70.
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