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Your grandfather is 75 years old. He has total saving of
Rs. 80000. He expects that he live for another 10 years and
will like to spend his saving by them. He placed his saving
into a bank account earning 10 per cent annually. He will
draw equal amount each year- the first withdrawal occuring
one year from now in such a way that his account balance
becomes zero at the end of 10 years. How much will be his
annual withdrawal?
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Your grandfather is 75 years old. He has total saving of Rs. 80000. He expects that he live for another 10 years and will like to spend his saving by them. He placed his saving into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occuring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
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