A student plan to deposit $2,000 in the bank now and another $4,000 for the next 3 years. If he plans to withdraw $6,000 two years from after his last deposit for the purpose for buying shoes, what will be the amount of money left in the bank after one year of his with withdrawal? effective annual interest rate is 8%?
A student plan to deposit $2,000 in the bank now and another $4,000 for the next 3 years. If he plans to withdraw $6,000 two years from after his last deposit for the purpose for buying shoes, what will be the amount of money left in the bank after one year of his with withdrawal? effective annual interest rate is 8%?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A student plan to deposit $2,000 in the bank now and another $4,000 for the next 3 years. If he plans to withdraw $6,000 two years from after his last deposit for the purpose for buying shoes, what will be the amount of money left in the bank after one year of his with withdrawal? effective annual interest rate is 8%?
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