On the first day of the year, a man deposits $4,000 in a bank at 8% per year, compounded annually. He withdraws $1,500 at the end of the first year and second year, and he deposit again $2,000 at the end of the third year. What is the remaining balance at the end of the fourth year?

On the first day of the year, a man deposits $4,000 in a bank at 8% per year, compounded annually. He withdraws $1,500 at the end of the first year and second year, and he deposit again $2,000 at the end of the third year. What is the remaining balance at the end of the fourth year?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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