Suppose you deposited $ 5,000 into a savings account today. The account pays a nominal annual...
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Suppose you deposited $ 5,000 into a savings account today. The account pays a nominal annual interest rate of 6 %. One year from today, you withdraw $ 3,500 from the account. Assume that you make no additional deposits into or withdrawals from the account until the end of year 8. 9) What is the balance on your account at the end of year 1? a) $ 1,500 b ) $ 1,800) 5,160) 5,300 10) What will your ending balance be 8 years from today? a) $ 2218 b) $ 2391) $ 2707) $ 2869 Suppose you deposited $ 5,000 into a savings account today. The account pays a nominal annual interest rate of 6 %. One year from today, you withdraw $ 3,500 from the account. Assume that you make no additional deposits into or withdrawals from the account until the end of year 8. 9) What is the balance on your account at the end of year 1? a) $ 1,500 b ) $ 1,800) 5,160) 5,300 10) What will your ending balance be 8 years from today? a) $ 2218 b) $ 2391) $ 2707) $ 2869
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Related Book For
Fundamentals Of Financial Management
ISBN: 9780273713630
13th Revised Edition
Authors: James Van Horne, John Wachowicz
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