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August 30, 2015

Homework Help: Finance

Posted by Pulling my hair on Friday, November 8, 2013 at 11:08pm.

I think that the question is written poorly.
5. Assuming a 6% interest rate, how much would Danielle have to invest now to be able to withdraw $10,000 at the end of each year for the next nine years.

I came up with $166,667 using the compound interest formula assuming that n=12, t=9.

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