Find the amount necessary to fund the given with drawls. quarterly withdrawals of $850 for 9 years with an interest rate of 4.4% compounded quarterly

The principal amount necessary to fund is $573.31

Step-by-step explanation:

Given as :

The quarterly withdrawal amount = A = $850

The time period for withdrawals = t = 9 years

The rate of interest = r = 4.4% compounded quarterly

Let The principal amount necessary to fund = $p

Now, From Compound Interest

Amount = Principal ×

Or, $850 = p ×

Or, $850 = p ×

Or, $850 = p ×

Or, $850 = p × 1.4826

∴ p =

i.e p = $573.31

So,The principal amount necessary to fund = p = $573.31  

Hence, The principal amount necessary to fund is $573.31   Answer

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step-by-step explanation: