How many months will it take to deplete the balance
Assume that you deposited $100,000 in a savings account paying an interest of 12% per year, compounded monthly. You wish to withdraw $3000 at the end of each quarter. How many months will it take to deplete the balance?
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Assume that you deposited $100,000 in a savings account paying an interest of 12% per year, compounded monthly. You wish to withdraw $3000 at the end of each quarter.
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The partnership agreement calls for a return of 10% interest on their original investment; Richards is to have a salary of $500,000 per year, and Jagger does not draw a salary.
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