Contemporary Engineering Economics 6th Edition by Chan Park

تمرين 54

Patricia French received $500,000 from an insurance company after her husband's death. Patricia wants to deposit this amount in a savings account that earns interest at a rate of 5% compounded monthly. Then she would like to make 120 equal monthly withdrawals over the 10-year period such that, when she makes the last withdrawal, the savings account will have a balance of zero. How much can she withdraw each month