In Year 0, you deposit? $4,000 into an account with an interest rate of? 4%. Three years later, the interest rate increased to 6%. Four years after that, the interest rate drops to 5%. You plan to withdraw all the money at the end of Year 15.

a. At the end of Year 2, how much money is in the account?

b. At the end of Year 7, how much money is in the account?

c. At the end of Year 15, how much money is in the account?

Answer rating: 100% (QA)

To calculate the amount of money in the account at different time points we can use the formula for ... View the full answer