An engineer withdrew $2000 every 4-month from a bank during the last 5 years. What is the approximate total debt now if the interest rate is 45% yearly, compounded monthly?
An engineer withdrew $2000 every 4-month from a bank during the last 5 years. What is the approximate total debt now if the interest rate is 45% yearly, compounded monthly?
Chapter1: Making Economics Decisions
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Engineering Economy
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An engineer withdrew $2000 every 4-month from a bank during the last 5 years. What is the approximate total debt now if the interest rate is 45% yearly, compounded monthly?
![An engineer withdrew $2000 every 4-month from a bank during the last 5 years. What is the approximate total debt now if the interest rate
is 45% yearly, compounded monthly?
O a. $110000
O b. $100000
O c. $130000
O d. $90000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6abed6a1-89fc-4825-b85a-eb403db0554e%2Fd982335e-f676-48c4-9c1f-f66cf5f0b1c0%2Fds9awv_processed.png&w=3840&q=75)
Transcribed Image Text:An engineer withdrew $2000 every 4-month from a bank during the last 5 years. What is the approximate total debt now if the interest rate
is 45% yearly, compounded monthly?
O a. $110000
O b. $100000
O c. $130000
O d. $90000
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