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What is the interest rate based upon annual compounding

A person who is about to retire has accumulated $100,000 in a savings account. Suppose that the person withdraws $8,195.23 from the savings account at the end of each year for 20 years, at which time the account is totally depleted. What is the interest rate, based upon annual compounding?

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Solution Preview :

Prepared by a verified Expert

Finance Basics: What is the interest rate based upon annual compounding

Reference No:- TGS0676608

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

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Solution Preview :

Prepared by a verified Expert

Finance Basics: What is the interest rate based upon annual compounding

Reference No:- TGS0676608

Recent Questions Asked Finance Basics

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