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Answer to Question #76455 in Financial Math for michelle
Question #76455
Having earned a bonus at his work, Rick placed the money in an investment earning
6.86% compounded monthly. He withdrew $370 at the end of every month for the next
4 years.
(a) What was the amount of the bonus?
(b) If he made all of the withdrawals as planned, how much interest was paid?
6.86% compounded monthly. He withdrew $370 at the end of every month for the next
4 years.
(a) What was the amount of the bonus?
(b) If he made all of the withdrawals as planned, how much interest was paid?
Expert's answer
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