Suppose all your money is deposited in a savings account with an interest rate of 6% per
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Question:
Suppose all your money is deposited in a savings account with an interest rate of 6% per year (about 0.5% per month). Every time you withdraw money from your account, you incur a fixed charge of $30. On average, you use $50 cash each month.
How frequently would you withdraw money, and how much money would you withdraw each time?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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