# Present Values, Future values and monthly compounding of Chris's investments

Not what you're looking for?

On January 1st 1990, Chris invested $4,000,000 at a rate of 6% p.a. compounded monthly. Commencing with the first withdrawal on January 31st 1997, he has withdrawn $117, 572 at the end of each month to pay for his medical expenses. If this continues, on what date will the money run out?

##### Purchase this Solution

##### Solution Summary

The solution presents two ways to compute the answer: formula and using a financial calculator.

##### Solution Preview

Refer to attached.

On January 1st 1990, Chris invested $4,000,000 at a rate of 6% p.a. compounded monthly. Commencing with the first withdrawal on January 31st 1997, he has withdrawn $117, 572 at the end of each month to pay for his medical expenses. If this continues, on ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### Lean your Process

This quiz will help you understand the basic concepts of Lean.

##### Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

##### Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

##### Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

##### Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.