In: Economics
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.