Simplify the formula
January 30, 2007 3:01am CST
Is there any way to simplify y = (p(1+x)^n))/(1+ (1+x)^(n-1)) Pls let me know if there is a way
31 Jan 07
I got the formula when I tried to solve the following problem. If n is value is more, it is too hard to calculate it by hand. A retired man has $800000 invested at 8% annual rate. He would like to be able to take a certain amount of money once a year during 24 years until all the money is gone. Calculate the amount of money he will be getting annually.