1. Josiah, a fisherman, won a local lottery game. After renerving a portion of his winning for his family's immediate expenses, he is left with E 150,000.00. He decided to put this in an account providing 3% interest compounded monthly. He also plans to let the money grow for 5 years, and then make equal monthly withdrawals for another 5 years until the money is the account is deleted. How much should be his monthly withdrawals?

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Q: 1. Josiah, a fisherman, won a local lottery game. After reserving a portion of his winning for his…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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Q: 1. Josiah, a fisherman, won a local lottery game. After reserving a portion of his winning for his…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Future value represents the future worth of existing cash flows. It is determined by compounding…

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Q: How much should be his monthly withdrawals?

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A: future value with continous compounding: FV=PV×ertwhere,r=interest ratet=time

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