If you have $20,000 in an account earning 8% annually, - 4005

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UoPExpert

UoPExpert

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Request Description

If you have $20,000 in an account earning 8% annually, what constant amount could you withdraw each year and have nothing remaining at the end of five years? 

A. 

$5,008.76

B. 

$3,408.88

C. 

$2,465.78

D. 

$3,525.62

 
Solution Description

 If you have $20,000 in an account earning 8% annually, what constant amount could you withdraw each year and have nothing remaining at the end of five years?