A deposit of $20,000 is made in a savings account that pays a nominal interest of 3.5% compounded monthly, a. How much money will be available at the end of 15 years?{ *)b. It was necessary to withdraw $8000 at the end of the 10th year, how much will be available at the end of 15 years? ( c. A new income allows the depositor to make quarterly deposits of $1000 to his account, starting at the beginning of sixth year. How much money will be available at the end of 15 years? (

A deposit of $20,000 is made in a savings account that pays a nominal interest of 3.5% compounded monthly, a. How much money will be available at the end of 15 years?{ *)b. It was necessary to withdraw $8000 at the end of the 10th year, how much will be available at the end of 15 years? ( c. A new income allows the depositor to make quarterly deposits of $1000 to his account, starting at the beginning of sixth year. How much money will be available at the end of 15 years? (

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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