- #1
SugerQueen
- 15
- 0
Homework Statement
initial amount = $450 000
interest rate = 4.8% per month
withdrawal = $3600 per month
This is a question on an old test paper. It is calculator assumed.
We use Casio classpad calculators.
a) amount remaining after ten years?
$173462.47
b)time to exhaust account?
14.5 years
c) total withdrawals?
173
d) total interest earned?
This is where I am stuck. Up until now I have managed to do everything on the financial application, but here I run out of ideas...
I also have not managed to come up with a working sequence. My guess would be:
An+1 = An x 1.048 - 3600
Ao = 450 000
But that did not appear to work as everything is calculated monthly... any help would be fantastic thanks :)