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(Solved): from fodiay? The interest rate is 1/2k per month. (Hint. There ase 48 monthly withdrawals and they ...




from fodiay? The interest rate is \( 1 / 2 \mathrm{k} \) per month. (Hint. There ase 48 monthly withdrawals and they begin at
from fodiay? The interest rate is per month. (Hint. There ase 48 monthly withdrawals and they begin at the end of the month 60 .) The lump aum of money shoudd be \{ (Plound to the nearest dalla.)


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Solution:-Given that,PMT=$450i=12%=0.5%=0.005n=48
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