Luke deposited $3500 into a savings account that earns 5.50% annually but is compounded 4 times per year. He plans to leave the funds in the accounts for 3.50 years. However, at the end of 1.50 years, Luke has to withdraw $1000. What amount will be in the account at the end of the original 3.50 years
Luke deposited $3500 into a savings account that earns 5.50% annually but is compounded 4 times per year. He plans to leave the funds in the accounts for 3.50 years. However, at the end of 1.50 years, Luke has to withdraw $1000. What amount will be in the account at the end of the original 3.50 years
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 14P
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Luke deposited $3500 into a savings account that earns 5.50% annually but is compounded 4 times per year. He plans to leave the funds in the accounts for 3.50 years.
However, at the end of 1.50 years, Luke has to withdraw $1000. What amount will be in the account at the end of the original 3.50 years
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