calculate the amound of the final withdrawl

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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john made a deposit of 1000 into a fund at the beginning of each year for 20 years. at the end of year 20 years, he began making semiannual withdrawls of 3000 at the beginning of each 6 months, with a smaller final withdrawl to exhaust the fund. the fund earned an annual effective rate of 8.16%. calculate the amound of the final withdrawl 

 

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