question archive Raj placed $8000 in saving account
Subject:BusinessPrice:2.84 Bought7
Raj placed $8000 in saving account. For how long can $800 be withdrawn from the account at the end of every month starting one month from now if interest is 4.58% compounded monthly?
We've learned two formulas, I don't know how to alter them to calculate this.
?FV=PMT×(1+R)×(((1+R)n−1)/R)?
?PV=PMT×(1+R)×((1−(1+R)−n)/R)?
Please explain your answer Thank you :)
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