The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5

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The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5 percent interest compounded annually. It became necessary to withdraw

$1,500 at the end of the fifth year. How much will be on deposit at the end of the 15-year period?

a. $11,359

b. $9,359

c. $12,043

d. $10,043

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Principles Of Engineering Economic Analysis

ISBN: 9781118163832

6th Edition

Authors: John A. White, Kenneth E. Case, David B. Pratt

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Question Posted: Mar 26, 2024 01:02 AM

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The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5

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To solve this problem we can break it down into two parts 1 Calculate the amount on deposit after w...View the full answer

Principles Of Engineering Economic Analysis

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