How long will quang money last

Reference no: EM13289378

Quang deposits $20,000 in a savings account with a discount rate of 4.8% convertible quarterly. He leaves his money in this account to accumulate for twelve years, then moves it to a fund which is accumulating at 5.4% per annum convertible continuously. If, starting at time 12 when he invests in the new fund, money is withdrawn levelly and continuously at a rate of $8,000 per annum, how long will Quang's money last?

The answer is : 17.10632 yrs, including the 12 years prior to any withdrawls.

Reference no: EM13289378

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