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October 21, 2014

Homework Help: math

Posted by help me i'm stuck on Saturday, April 30, 2011 at 11:39pm.

Suppose an individual makes an initial investment of $1100 in an account that earns 7.5%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.)
(a) How much is in the account after the last deposit is made?
$ 1

(b) How much was deposited?
$ 2

(c) What is the amount of each withdrawal?
$ 3

(d) What is the total amount withdrawn?
$ 4

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