An individual invests an amount of $5,000 in a bank account today, knowing that they will...
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An individual invests an amount of $5,000 in a bank account today, knowing that they will need to withdraw $1,000 in 1 year, $500 in 2 years and $2,000 in 3 years. If the interest rate on the amount invested is 2.5% per annum, calculate the amount of money in the bank account immediately after the $2,000 withdrawal in 3 years from today. An individual invests an amount of $5,000 in a bank account today, knowing that they will need to withdraw $1,000 in 1 year, $500 in 2 years and $2,000 in 3 years. If the interest rate on the amount invested is 2.5% per annum, calculate the amount of money in the bank account immediately after the $2,000 withdrawal in 3 years from today.
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To calculate the amount of money in the bank account immediately after the 2000 withdrawal in 3 year... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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