Forming an equation, then finding when last $400 is received
Mrs Wong retired in 2006, she put a sum of $5000 into a fund that has a constant rate of return of 5 % per annum. Starting in 2006, she withdraws $400 each year and gives the money to her granddaughter as a birthday gift.
a) Denote the amount of money Mrs Wong has at time t years by $x.
b) In which year will the granddaughter receive her last $400?
b) In the year granddaughter receives last $400,
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