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Annabelle is retiring this year and has a $400,000 retirement fund that she has accumulated.

a. What nominal rate of interest from a fund that compounds monthly would Anabelle need if she withdraws $2,000 at the end of each month for 20 years? Assume that all funds would be depleted at the end of the 20 years.

b. What nominal rate of interest from a fund that compounds monthly would Anabelle need if she withdraws $2,000 at the end of each month for 20 years, spends $10,000 on a European vacations immediately after retiring, and has $25,000 in the account at the end of 20 years for emergency purposes.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91709238

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