Mrs.Boyko has a trust fund from which she withdraws 5% each year. if the fund has a value of $50,000 this year
[From: ] [author: ] [Date: 11-05-17] [Hit: ]
-If she takes out 5%, that leaves her with 95% of her original amount. Each year she will have 95% of her previous years money left. This is the same as compound interest, but with the amount decreasing instead of increasing year on year.Final amount = 50000* 0.......
what will be the value of the fund after 10 years? thanks!
-
If she takes out 5%, that leaves her with 95% of her original amount. Each year she will have 95% of her previous year's money left. This is the same as compound interest, but with the amount decreasing instead of increasing year on year.
Final amount = 50000 * 0.95^10 = $29 926
1
keywords: the,Boyko,which,this,000,fund,each,trust,year,if,value,of,Mrs,50,5%,withdraws,has,from,she,Mrs.Boyko has a trust fund from which she withdraws 5% each year. if the fund has a value of $50,000 this year
