Question 1
Asif received a bonus of $10 000, which he immediately invested in a fund earning 9.25% compounded semi-annually through his Tax Free Savings Account. Five years later, Asif plans to make the first semi-annual withdrawal of $1000. After how many withdrawals, the fund will be completely depleted?
◦ 27
◦ 20
◦ 28
◦ 29
◦ 10
Question 2
National Research Council is considering the establishment in perpetuity of a Visiting Professor chair at UOIT. The ongoing cost will be $12 500 at the end of each month. If the money can earn 8% compounded monthly in perpetuity, what endowment is required to fund the position?
◦ $2 000 000
◦ $1 875 000
◦ $937 500
◦ $156 250
◦ $312 500
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