Andover Bank and Lowell Bank each sell one-year certificates of deposit (CDs). The interest rates on these CDs are given in the table below for a three-year period. 2021 2% 5% Bank Andover Bank Lowell Bank 2020 2% 5% Suppose you deposit $2,000 in a CD in each bank at the beginning of 2020. At the end of 2020, you take your $2,000 and any interest earned and invest it in a CD for the following year. You do this again at the end of 2021. At the end of 2022, the interest over this three-year period at Andover Bank is $ 2022 11% 5% (Enter your response rounded to the nearest penny.)

Andover Bank and Lowell Bank each sell one-year certificates of deposit (CDs). The interest rates on these CDs are given in the table below for a three-year period. 2021 2% 5% Bank Andover Bank Lowell Bank 2020 2% 5% Suppose you deposit $2,000 in a CD in each bank at the beginning of 2020. At the end of 2020, you take your $2,000 and any interest earned and invest it in a CD for the following year. You do this again at the end of 2021. At the end of 2022, the interest over this three-year period at Andover Bank is $ 2022 11% 5% (Enter your response rounded to the nearest penny.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Wall Street Journal Article Answers 1-3 Asap Please!
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2. Pretend that today is your birthday and you decide to start saving for your retirement. You will retire on your 65th birthday and need $4,000 per month for the next 20 years, increasing $100 per month after the first month. You will make your first withdrawal on your 65th birthday, the day you retire. You will make the first deposit today in an account paying 7% interest compounded daily, and continue to make the same $123.07 equal weekly deposits up to your 60th birthday, then you stop making deposits. What birthday are you celebrating today? Create a cash flow diagram.
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