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23.04.2021 •
Mathematics
5.
Harold rolls his $800 000 of savings into an annuity account. He wants the money to last for 15
years
(a) Given that Harold can withdraw $6284.75 each month, find the annual interest rate,
compounded monthly, of the account.
[3]
(b) How much longer would Harold's money last if he withdrew only $5000 each month?
[3]
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