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Chapter 3 Mathematics of Finance - page 5 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

5

Derivation of Short Cut Formula

We could proceed to calculate the next four payments and then simply find the total of the 8 payments. There are 8 payments since there will be 8 total withdrawals:

     (2 years) (four withdrawals per year) = 8 withdrawals.

This method is tedious and time consuming so we seek a short cut method.

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