Question

John decides to invest 140 000 into an account earning 13.5% interest per year compunded quaterly. This new account allows him to withdraw an amount every quarter for 10 years after which time the account will be exhausted. The amount of money that John can withdraw every quarter equals? 1) 1704.28 2) 3500 3) 6429.28 4) 8594.82 5) None of the above

Answer 1

Formula for this be the same as for a lone such as a morgage

But yu hav quarter kompound insted av normal month.

start $=140,000$, 13.5% quarter kompound, time=10 yeers

anser=4,866.75$/quarter