In March 2020, Yves decided to save for a new truck. He deposited $500 at the end
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In March 2020, Yves decided to save for a new truck. He deposited $500 at the end of every three months in a bank account earning interest at 5% compounded quarterly. He made his first deposit on June 1, 2020. On June 1, 2022, Yves decided that he needed the money to go to college, so on September 1, 2022, rather than making deposits, he started withdrawing $300 at the end of each quarter until December 1, 2023. How much is left in his account after the last with- drawal if his bank account interest rate changed to 6.5% compounded quarterly on March 1, 2023?
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Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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