One entrepreneur now has a $200,000 investment in a bank account which earns 7% annual interest. One
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One entrepreneur now has a $200,000 investment in a bank account which earns 7% annual interest. One year from now, he will withdraw 10% of the total amount in the account and reinvest that amount withdrawn in a different account earning 12% at a second bank. He repeats this procedure each year thereafter, transferring 10% of his account at the first bank to the second bank. Find a formula by using economy factors (F/P, P/G, F/A, and so on) which calculate how much does he have at each bank after 50 years from now. Do not make calculation for every single year.
Related Book For
Statistics Unlocking the Power of Data
ISBN: 978-1118583104
1st edition
Authors: Robin H. Lock, Patti Frazer Lock, Kari Lock Morgan, Eric F. Lock, Dennis F. Lock
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