Math
posted by Anonymous .
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(d) What is the total amount withdrawn?
Respond to this Question
Similar Questions

Algebra
An initial investment of $480 is invested for 4 years in an account that earns 16% interest, compounded quarterly. What is the amount of money in the account at the end of the period? 
math
An initial investment of $1240 is appreciated for 17 years in an account that earns 8% interest, compounded continuously. Find the amount of money in the account at the end of the period. 
math
Suppose a young couple deposits $700 at the end of each quarter in an account that earns 7.1%, compounded quarterly, for a period of 6 years. After the 6 years, they start a family and find they can contribute only $200 per quarter. … 
math
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 … 
Math
An initial investment of $1000 is appreciated for 8 years in an account that earns 9% interest, compounded annually. Find the amount of money in the account at the end of the period 
Math
Please help me to solve it, today is mydue day ! 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 … 
college math
An initial investment of $1000 is appreciated for 4 years in an account that earns 6% interest, 2) compounded semiannually. Find the amount of money in the account at the end of the period. 
UOG
An initial investment of $12,000 is invested for 2 years in an account that earns 4% interest compounded quarterly. Find the amount of mnoey in the account at the end of the period. 
algebra
An initial investment of $480 is appreciated for 7 years in an account that earns 15% interest, compounded quarterly. Find the amount of money in the account at the end of the period. 
Math
Suppose an individual makes an initial investment of $1100 in an account that earns 7.3%, 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 …