An individual initially deposits $4,000 into an account that pays interest at 8% per year compounded...

An individual initially deposits $4,000 into an account that pays interest at 8% per year compounded quarterly. A $200 deposit is made in the first month of the second year with deposits increasing by $40 per month until the end of the third year. Beginning in the first month of the fifth year, withdrawals of $100 per month are taken out of the account until the end of the fifth year. Compute the amount of money in the account to the nearest cent immediately after the last withdrawal in year five.

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Rahul Sunny answered 1 year ago

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