Question

If you save ​$1,300at the beginning of every year for eight years, for how long can you withdraw $1,980 at the beginning of each year starting eight years from​ now, assuming that interest is 8​%compounded annually​?

State your answer in years and months​ (from 0 to 11​ months).

You can withdraw $1,980 for ___ year(s) and ____ ​month(s).

​(Type whole​ numbers.)

Answer 1

Value after 8 years was $14,933.83

Hence, We can withdraw $1,980 for 10 years and 8 months