not use ai please Your great-grandpa put $1,000 in a bank account fifty-five years ago. Everyone in the family forgot about it but your dad. He withdrew$1,200 last year. Now he gives the remaining money to you as a graduation gift. How much money do you get if you withdraw themoney two years from now? Assume that the bank was paying a constant annual interest rate of 4% on that account.Group of answer choices$7,446$8,054$8,002$9,351$2,080

Step 1: Given that, Principal amount (P) = $1,000 Interest rate (r) = 4% Last year withdrew $1,200…

Answered: Your great-grandpa put $1,000 in a bank…

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 28P

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