Investing Money
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Someone who is 22 years old wins a prize of 5000$. He invests the money at 8% compounded quarterly for 43 years until he retires. When he retires he invests the money at 7% compounded monthly and makes equal monthly withdrawals for further 25 years at which time the money would ran out. How much money would he get each month?
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Solution Summary
The solution discusses how much one who invests money would get each month.
Education
- MBA, Merage School of Business, Univ of Cal, Irvine
- BA, Univ of Cal, Irvine
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