A person deposits 2000$ to an account each year for five years starting at end of year one. At end of 5th year half of the balance is withdrawn. After withdrawal, 4000$ is deposited yearly for 5 more years starting at 6th year. With no additional payments in years 11 to 15, person with draws the whole balance in end of year 15. a)What is the total amount withdrawn at end of 5 years if interest is 7% per year?

A person deposits 2000$ to an account each year for five years starting at end of year one. At end of 5th year half of the balance is withdrawn. After withdrawal, 4000$ is deposited yearly for 5 more years starting at 6th year. With no additional payments in years 11 to 15, person with draws the whole balance in end of year 15. a)What is the total amount withdrawn at end of 5 years if interest is 7% per year?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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