If you save $1,300at the beginning of every year for eight years, for how long can...

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.)

Solutions

Expert Solution

Value after 8 years was $14,933.83

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

jeff jeffy answered 1 year ago

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If you save ​$1,300at the beginning of every year for eight years, for how long can...

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If you save $1,300at the beginning of every year for eight years, for how long can...