Posted by **Anonymous** on Wednesday, July 27, 2011 at 7:29pm.

Suppose an individual makes an initial investment of $2400 in an account that earns 8%, 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).

(a) How much is in the account after the last deposit is made?

(b) How much was deposited?

(c) What is the amount of each withdrawal?

(d) What is the total amount withdrawn?

## Answer this Question

## Related Questions

- Math - Please help me to solve it, today is mydue day ! Suppose an individual ...
- math - Suppose an individual makes an initial investment of $1100 in an account ...
- Math - An initial investment of $1000 is appreciated for 8 years in an account ...
- math - An initial investment of $1240 is appreciated for 17 years in an account ...
- college math - An initial investment of $1000 is appreciated for 4 years in an ...
- Algebra - An initial investment of $480 is invested for 4 years in an account ...
- UOG - An initial investment of $12,000 is invested for 2 years in an account ...
- pre calc - An initial investment of $12,000 is appreciated for 5 years in an ...
- Mathematics - Pam and Tim decide to start saving money for their daughter's ...
- Annuity! - When Raisel's son was born, she put $7,500 in an investment that ...