A student saved $3,000 per year from 1 2001 (15 years) in an account with 8% ir He stopped depositing money after yea but the money was kept in the same ace earning interest. In 2007 he withdrew $ for down payment toward purchase of a house, In 2012 he received an inheritan
A student saved $3,000 per year from 1 2001 (15 years) in an account with 8% ir He stopped depositing money after yea but the money was kept in the same ace earning interest. In 2007 he withdrew $ for down payment toward purchase of a house, In 2012 he received an inheritan
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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Transcribed Image Text:A student saved $3,000 per year from 1986 to
2001 (15 years) in an account with 8% interest.
He stopped depositing money after year 2001,
but the money was kept in the same account
earning interest. In 2007 he withdrew $20,000
for down payment toward purchase of a new
house. In 2012 he received an inheritance as a
single payment of $50,000, which he
deposited in the same account. What is the
current balance of the account (2021)?
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