Asif Received a Bonus of $10 000, Which He Immediately

question 174

Multiple Choice

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?

• A) 29
• B) 28
• C) 27
• D) 20
• E) 10

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Definitions:

Narcolepsy

A chronic sleep disorder characterized by overwhelming daytime drowsiness and sudden attacks of sleep, often linked to an abnormality in the brain's control over sleep and wakefulness.

Sleep Paralysis

A temporary inability to move or speak while falling asleep or upon waking, often accompanied by hallucinations.

Sleep Apnea

A sleep disorder characterized by pauses in breathing or periods of shallow breathing during sleep.

Insomnia

A sleep disorder characterized by difficulty falling asleep, staying asleep, or experiencing restorative sleep, leading to daytime dysfunction.