Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Ask your questions and receive precise answers from experienced professionals across different disciplines. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
The amount of the annual withdrawals will be $16,574.24.The amount is the sum of the principal and the simple interest gain.
What is the amount?
The complete repayment of money at the end of the time period for which it was borrowed is referred to as the amount.
The given data in the problem is;
P ia the annual payment
PV is the present value = $150,261
r is the rate of intreast = 9.1% = 0.091
n is the time period= 20
The formula for the annual payment is found as;
[tex]\rm P= \frac{r \times PV}{1-(1+r)^{-n}} \\\\ \rm P= \frac{0.091 \times 150261}{1-(1+0.091)^{-20}} \\\\ \rm P=16,754.2437[/tex]
Hence the amount of the annual withdrawals will be $16,574.24.
To learn more about the amount refer to the link;
https://brainly.com/question/12184047
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.