Question

Mel plans to save 12,200 dollars per year for 6 years. His first savings contribution is...

Mel plans to save 12,200 dollars per year for 6 years. His first savings contribution is expected in 1 year. He then plans to withdraw 16,600 dollars per year for as long as he can. Mel expects to earn 7.04 percent per year. How many payments of 16,600 dollars can Mel expect to receive if his first annual payment of 16,600 dollars is received in 6 years?  Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).

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Answer #1

The future value at the end of 6 years of all deposits is:

The number of withdrawals is calculated below:

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