A student plan to deposit $2,000 in the bank now and another $4,000 for the next 3 years. If he plans to withdraw $6,000 two years from after his last deposit for the purpose for buying shoes, what will be the amount of money left in the bank after one year of his with withdrawal? effective annual interest rate is 8%?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
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A student plan to deposit $2,000 in the bank now and another $4,000 for the next 3 years. If he plans to withdraw $6,000 two years from after his last deposit for the purpose for buying shoes, what will be the amount of money left in the bank after one year of his with withdrawal? effective annual interest rate is 8%?

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