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If you save $1,000 at the beginning of every year for twelve years, for how...

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Verified Solution

Question

Accounting

If you save

$1,000

at the beginning of every

year

for

twelve

years, for how long can you withdraw

$1,330

at the beginning of each

year

starting

twelve

years from now, assuming that interest is

5%

compounded

annually?

State your answer in years and months (from 0 to 11 months).

Answer & Explanation Solved by verified expert
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