Asif received a bonus of $10 000, which he immediately invested in a fund earning 9.25% compounded semi-annually through his Tax Free Savings Account. Five yea later, Asif plans to make the first semi-annual withdrawal of $1000. After how man withdrawals, the fund will be completely depleted?show the work

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 23P
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Asif received a bonus of $10 000, which he immediately invested in a fund earning
9.25% compounded semi-annually through his Tax Free Savings Account. Five years
later, Asif plans to make the first semi-annual withdrawal of $1000. After how many
withdrawals, the fund will be completely depleted?show the work
Transcribed Image Text:Asif received a bonus of $10 000, which he immediately invested in a fund earning 9.25% compounded semi-annually through his Tax Free Savings Account. Five years later, Asif plans to make the first semi-annual withdrawal of $1000. After how many withdrawals, the fund will be completely depleted?show the work
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