What is the amount of the final withdrawal

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Reference no: EM131056821

What is the minimum amount of money that must be deposited in an account earning 6% interest, compounded monthly, if the account would provide withdrawals at the rate of:

a. $1000 the first month and increasing by $5.00 per month forever? What is the amount of the final withdrawal?

b. $1000 the first month and increasing by 0.5% per month for the next 50 years? What is the amount of the final withdrawal?

Reference no: EM131056821

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