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Dmitry_Shevchenko [17]
3 years ago
6

Harry Rawlings wants to withdraw $10,000 (including principal) from an investment fund at the end of each year for 5 years. How

should he compute his required initial investment at the beginning of the first year if the fund earns 6% compounded annually?

Business
1 answer:
Sergio039 [100]3 years ago
7 0

Answer:

$44,651.06

Explanation:

We use the Present value function for this question. The calculation is shown in the attached spreadsheet

Data are given in the question

Future value = $0

Rate of interest = 6%

NPER = 5 years

PMT = $25,000

The formula is shown below:

= PV(Rate;NPER;-PMT;FV;type)

After solving this, the present value is $44,651.06

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