Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 01 Jun 2018 My Price 5.00

daughter's date of birth

How do I solve for interest that is compounded monthly? How do I determine the size of each withdrawal, and how much interesting was earned on an investment?

 

 

On my daughter's date of birth, I start depositing $350 at the end of every month into a bank account. The account earns 4.5% interest compounded monthly.

(a) How much will be available in the account on my daughter's 18th birthday?

(b) At that time, she will start making withdrawals at the beginning of each month for the next 5 years, eventually depleting the account. What is the size of each withdrawal?

(c) Comparing her withdrawals and my deposits, how much interest was earned on my investment?

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Jun 2018 07:06 PM My Price 5.00

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