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  3. = 9. at time t = 0, paul deposits p into a fund cr

= 9. At time t = 0, Paul deposits P into a fund crediting interest...

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= 9. At time t = 0, Paul deposits P into a fund crediting interest at an effective annual interest rate of 6.9%. At the end of each year in years 12 through 31, Paul withdraws an amount sufficient to purchase an annuity-due of 120 per month for 5 years at a nominal interest rate of 7.2% compounded monthly. Immediately after the withdrawal at the end of year 31, the fund value is zero. Calculate P

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