If you deposit $[P] into a fund (today) that earns [r]% inte…
If you deposit $[P] into a fund (today) that earns [r]% interest compounded monthly,what minimum payment can you withdraw at the end of each month for [t] years so that the account has a $0 balance. (ANSWER FORMAT: In order to ensure you receive credit, DO NOT enter the $ sign nor commas and make sure you give answer to the nearest cent. If you are “off” by 1 cent, the answer is wrong! Examples: 388.49, 547.00)
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