A deposit of $4000 is made today. For how long can $500 be withdrawn from the account

Question:

A deposit of $4000 is made today. For how long can $500 be withdrawn from the account at the end of every three months starting three months from now if interest is 4% compounded quarterly?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

Question Posted: