Doubling payment will have on term of the compounded loan

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Reference no: EM132057467

1. You and your heirs will withdraw $512 per year forever from an account, starting 6 years from today. If the relevant interest rate is 13% per year (as an EAR), exactly how much must be in the account 6 years from today to fund the withdrawals indefinitely?

2. Discuss the effects of doubling a payment will have on the term of the compounded loan?

Reference no: EM132057467

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