On 15 November in each of the years 1964 to 1979 inclusive an investor deposited £500 in a special bank savings account. On 15 November 1983 the investor withdrew their savings. Given that over the entire period the bank used an annual interest rate of 7% for its special savings accounts, find the sum withdrawn by the investor. Answer: £18,277.77 could you please explain how they got this answer
On 15 November in each of the years 1964 to 1979 inclusive an investor deposited £500 in a special bank savings account. On 15 November 1983 the investor withdrew their savings. Given that over the entire period the bank used an annual interest rate of 7% for its special savings accounts, find the sum withdrawn by the investor. Answer: £18,277.77 could you please explain how they got this answer
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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On 15 November in each of the years 1964 to 1979 inclusive an investor deposited £500 in a special bank savings account. On 15 November 1983 the investor withdrew their savings. Given that over the entire period the bank used an annual interest rate of 7% for its special savings accounts, find the sum withdrawn by the investor. Answer: £18,277.77
could you please explain how they got this answer
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