You currently have $20,000.01 in a bank account that pays you 5 percent interest annually. You plan
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You currently have $20,000.01 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?
6. You currently have $39,471 in an account that pays 5 percent interest. You plan to deposit in this account $3581 at the end of each year until the account reaches $124578. How long would that take? Enter your answer with 4 decimals (e.g. 5.1234).
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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