Five years ago, $12, 000 was deposited into a savings account that provides an interest of 6.5% compounded annually. If a uniform amount of $3, 000 was withdrawn yearly starting at the end of the first year after the initial deposit was made, how much money can still be withdrawn now?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Five years ago, $12, 000 was deposited
into a savings account that provides an
interest of 6.5% compounded annually. If
a uniform amount of $3,000 was
withdrawn yearly starting at the end of
the first year after the initial deposit was
made, how much money can still be
withdrawn now?
Transcribed Image Text:Five years ago, $12, 000 was deposited into a savings account that provides an interest of 6.5% compounded annually. If a uniform amount of $3,000 was withdrawn yearly starting at the end of the first year after the initial deposit was made, how much money can still be withdrawn now?
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