Please help me with this..
1 answer:
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We are not given tables, so will just use the amortization formula.
where
P=amount to be deposited today, to be found
A=amount withdrawn each year=18000
i=Annual interest=9%
n=number of years = 20
Substituting values,
=164313.82 to the nearest cent
where
P=amount to be deposited today, to be found
A=amount withdrawn each year=18000
i=Annual interest=9%
n=number of years = 20
Substituting values,
=164313.82 to the nearest cent