Multiple Choice
A $15,000 deposit earns 6% compounded quarterly. Rounded to the nearest month, how long (before the first withdrawal) must the deposit be allowed to grow before it can provide 24 quarterly withdrawals of $1,200.
A) 7 years
B) 7 years and 3 months
C) 7 years and 11 months
D) 8 years and 3 months
E) 8 years and 5 months
Correct Answer:
Verified
Correct Answer:
Verified
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