Question 10 35 points Save Answer John and Ahmed are friends

Question 10 3.5 points Save Answer John and Ahmed are friends at UTC CECS, who planned a business venture for $300,000. If they decided to put this amount into a bank account earning 8% interest annually, how much could they withdraw each year for 15 years? Attach File Browse My Computer Browse Content Collection

300000(1.08)-x+(300000(1.08)-x)(1.08)-x+((300000(1.08)-x)(1.08)-x)(1.08)-x+(((300000(1.08)-x)(1.08)-x)(1.08)-x)(1.08)-x+..repeated 11 times as account will have no money after 15 years=0

After using MS Excel solver we get x= Amount to be withdrawn each year will be $32452.65

Amount to be withdrawn
32452.65137	EoY Balance
	267547.3486	288951.1365
	256498.4851	277018.364
	244565.7126	264130.9696
	231678.3182	250212.5837
	217759.9323	235180.7269
	202728.0755	218946.3216
	186493.6702	201413.1638
	168960.5124	182477.3534
	150024.7021	162026.6782
	129574.0269	139939.949
	107487.2976	116086.2814
	83633.63008	90324.32048
	57871.66911	62501.40264
	30048.75127	32452.65137
	0	0

Question 10 3.5 points Save Answer John and Ahmed are friends at UTC CECS, who planned a business venture for $300,000. If they decided to put this amount into

Question 10 35 points Save Answer John and Ahmed are friends

Solution

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