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You deposit $1,200 in an account each year for 5 years, starting at the end of Year 1. At the end of Year 5, you withdraw half of the account balance. You then deposit $3,300 each year for five more years (starting at the end of Year 6). At the end of Year 15, you withdraw the entire amount. There are no additional payments in Years 11 through 15. The account earns 8% per year. How much is withdrawn at the end of Year 5? ?

You deposit $1,200 in an account each year for 5 years, starting at the end of Year 1. At the end of Year 5, you withdraw half of the account balance. You then deposit $3,300 each year for five more years (starting at the end of Year 6). At the end of Year 15, you withdraw the entire amount. There are no additional payments in Years 11 through 15. The account earns 8% per year. How much is withdrawn at the end of Year 5? ?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The first question gives all the given values for the question I’m asking for. (The smaller question)
How much is withdrawn at the end of Year 15?
Transcribed Image Text:How much is withdrawn at the end of Year 15?
You deposit $1,200 in an account each year for 5 years, starting at the end of Year 1. At the end of Year 5, you withdraw half of the account balance. You then deposit $3,300 each year for five more years (starting at the end of Year 6). At the end of Year 15, you withdraw the entire amount. There are no additional payments in Years 11 through 15. The account earns 8% per year. How much is withdrawn at the end of Year 5? ?
Transcribed Image Text:You deposit $1,200 in an account each year for 5 years, starting at the end of Year 1. At the end of Year 5, you withdraw half of the account balance. You then deposit $3,300 each year for five more years (starting at the end of Year 6). At the end of Year 15, you withdraw the entire amount. There are no additional payments in Years 11 through 15. The account earns 8% per year. How much is withdrawn at the end of Year 5? ?
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