Suppose you inherited $275,000 and invested it at 8.25% per year. How much could you withdraw at the beginning of each of the next 20 years?
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Answer:
You didn't mention whether from simple interset or its recurring deposit so i'll tell in both ways
Step-by-step explanation:
recurring deposit:
I=275000*240*241*8.25/2400 ==27500.825
MA= 275000*240 + 27500.825 == 66027500.8
SIMPLE INTEREST:
Interset(I) =275000*20*8.25/100==453750
amt = P+I
275000+453750==728750
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