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maths help (1 Viewer)
- Thread starter fingerman
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lychnobity
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Type up the question, cbb looking for it.
Ezzat invests $50 000 in an account which earns 8% interest, compounded annually. he intends to withdraw $M and the end of each year, immediately after the interest has been paid. He wishes to be able to do this for exactly 20 years, so that the account will then be empty.
b)iv) Suppose Ezzat wished to be able to withdraw $8000 per year for the 20 years. By using you calculator alone, estimate to the nearest per cent, the interest rate he would then need to earn on his account.
b)iv) Suppose Ezzat wished to be able to withdraw $8000 per year for the 20 years. By using you calculator alone, estimate to the nearest per cent, the interest rate he would then need to earn on his account.