Saul is doing some financial planning. Saul deposited $133638 into an account paying 9% compounded annually....
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Saul is doing some financial planning. Saul deposited $133638 into an account paying 9% compounded annually. At the end of year 5, Saul deposited an additional $34922 into the account. Saul made a withdrawal of $26639 at the end of year 4. Saul would like to have $117022 in the account at the end of year 10. Saul would like to withdraw some money at the end of year 8. How much can Saul withdraw from the account and still have $117022 at the end of year 10? Saul is doing some financial planning. Saul deposited $133638 into an account paying 9% compounded annually. At the end of year 5, Saul deposited an additional $34922 into the account. Saul made a withdrawal of $26639 at the end of year 4. Saul would like to have $117022 in the account at the end of year 10. Saul would like to withdraw some money at the end of year 8. How much can Saul withdraw from the account and still have $117022 at the end of year 10?
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To answer this question well need to apply the compound interest formula to determine how much the account will grow over time and how much Saul can w... View the full answer
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
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