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May 29, 2015

Homework Help: Math

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(d) What is the total amount withdrawn?

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