Question: 6.1 This is a thought experiment using a basic savings account to illustrate how various assumptions about growth rates would affect the account balance over

6.1 This is a thought experiment using a basic savings account to illustrate how various assumptions about growth rates would affect the account balance over time. Imagine that you put $1000 in a savings account at 10% annually compounded interest. (14 marks total) a. How much could you take out each year and still keep the original $1000 in the account? Complete the table below to support your conclusion. (4 marks) Year Beginning balance Add: Interest earned (10%) Less: Withdrawal Ending balance 1 $1000 $1000 2 1000 1000 3 1000 1000 4 1000 1000

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