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6667.63 is deposited in a bank that pays 18% annual intere compounded monthly. At the end of the second month, from the date deposit, a withdrawal is made, and after this the same amount vithdrawn every three months, that is, withdrawals are made on mont 2,5,8,11,14, 17, 20 and 23. How much is each of the eight equ vithdrawals, so that when making the last withdrawal the deposit is tota extinguisbed?

6667.63 is deposited in a bank that pays 18% annual intere compounded monthly. At the end of the second month, from the date deposit, a withdrawal is made, and after this the same amount vithdrawn every three months, that is, withdrawals are made on mont 2,5,8,11,14, 17, 20 and 23. How much is each of the eight equ vithdrawals, so that when making the last withdrawal the deposit is tota extinguisbed?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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$667.63 is deposited in a bank that pays 18% annual interest compounded monthly. At the end of the second month, from the date of deposit, a withdrawal is made, and after this the same amount is withdrawn every three months, that is, withdrawals are made on months 2,5,8,11,14, 17, 20 and 23. How much is each of the eight equal withdrawals, so that when making the last withdrawal the deposit is totally extinguished?
Transcribed Image Text:$667.63 is deposited in a bank that pays 18% annual interest compounded monthly. At the end of the second month, from the date of deposit, a withdrawal is made, and after this the same amount is withdrawn every three months, that is, withdrawals are made on months 2,5,8,11,14, 17, 20 and 23. How much is each of the eight equal withdrawals, so that when making the last withdrawal the deposit is totally extinguished?
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