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Question
A retiree deposits $500,000 in a bank account which pay interest j12 = 5.4% p.a. Starting in a month's time, they intend to withdraw $4000 to cover their living expenses until run out of money. [NB It is likely that their final withdrawal will be a partial withdrawal] After exactly one year, they had to have hip replacement surgery, and had to withdraw an extra $15000 from the account to cover the cost. That is, their 12th withdrawal was $19000 rather than the usual $4000. Determine how many more full sized withdrawals they can make after this.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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