Mr. Smith has saved $8,000 each year for 10 years. Two years after the saving period ended, Mr. Smith withdrew $10,000 year for a period of three years. In the next two years, he only withdrew $5,000 per year. In the next year, he decided to withdraw the remaining money in his account. If the interest rate was 10% per year throughout the whole period, what was the 2. each amount he withdrew??
Mr. Smith has saved $8,000 each year for 10 years. Two years after the saving period ended, Mr. Smith withdrew $10,000 year for a period of three years. In the next two years, he only withdrew $5,000 per year. In the next year, he decided to withdraw the remaining money in his account. If the interest rate was 10% per year throughout the whole period, what was the 2. each amount he withdrew??
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 39P
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SOLUTION WITH CASH FLOW DIAGRAM PLS
Transcribed Image Text:2.
Mr. Smith has saved $8,000 each year for 10 years. Two
years after the saving period ended, Mr. Smith withdrew $10,000
each year for a period of three years. In the next two years, he
only withdrew $5,000 per year. In the next year, he decided to
withdraw the remaining money in his account. If the interest rate
was 10% per year throughout the whole period, what was the
amount he withdrew??
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