Simon invested RM 5 , 0 0 0 into an account that pays 5 % compounded semi

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Question:

Simon invested RM

5, 000

into an account that pays

5 %

compounded semi

-

annually. He intended to keep the account untouched for Five years. However, after three years, he had to withdraw RM

3, 000 .

Find the amount left the account five years from the time he made his investment.

Related Book For answer-question

Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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Posted Date: Feb 02, 2024 09:54 PM

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Simon invested RM 5 , 0 0 0 into an account that pays 5 % compounded semi

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Expert Answer:

To solve this problem we can use the compound interest formula A P1 rn... View the full answer

Principles of Finance

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