# Yesterday you won \$340,000 and decided to invest your money at 9.15% per year (compounded annually)....

Yesterday you won \$340,000 and decided to invest your money at 9.15% per year (compounded annually). How much money could you withdraw at the end of the next 14 years?

 A. \$39,654.39 B. \$43,685.53 C. \$44,036.48 D. \$46,556.22 E. \$44,001.93

 Withdaw in each year (P) PVA÷([1-(1÷(1+r)^n)]÷r) Here, A Interest rate per annum 9.15% B Number of years 14 C Number of compoundings per per annum 1 A÷C Interest rate per period ( r) 9.15% B×C Number of periods (n) 14 Present value (PVA) \$                                               340,000.00 Withdaw in each year (P) \$           44,036.48 340000÷((1-(1÷(1+9.15%)^14))÷9.15%)

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