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An endowment fund is set up with a donation of $170,000. If it earns 5.8% compounded monthly, for how long will it sustain end-of- month withdrawals of $1,700? (Include the final smaller withdrawal.) (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) Endowment is for year(s) and month(s).

An endowment fund is set up with a donation of $170,000. If it earns 5.8% compounded monthly, for how long will it sustain end-of- month withdrawals of $1,700? (Include the final smaller withdrawal.) (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) Endowment is for year(s) and month(s).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An endowment fund is set up with a donation of $170,000. If it earns 5.8% compounded monthly, for how long will it sustain end-of- month withdrawals of $1,700? (Include the final smaller withdrawal.) (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) Endowment is for year(s) and month(s).
Transcribed Image Text:An endowment fund is set up with a donation of $170,000. If it earns 5.8% compounded monthly, for how long will it sustain end-of- month withdrawals of $1,700? (Include the final smaller withdrawal.) (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) Endowment is for year(s) and month(s).
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