On January 1, $5000 is deposited into a high-interest savings account that pays 8% interest compounded...

 

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On January 1, $5000 is deposited into a high-interest savings account that pays 8% interest compounded annually. If all of the money is withdrawn in five equal end-of-year sums beginning December 31 of the first year, most nearly how much will each withdrawal be? On January 1, $5000 is deposited into a high-interest savings account that pays 8% interest compounded annually. If all of the money is withdrawn in five equal end-of-year sums beginning December 31 of the first year, most nearly how much will each withdrawal be?

Answer rating: 100% (QA)

Principal 5000 I 8 compounded annually A Amount at the e... View the full answer