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1) An account earns an effective annual interest rate = 2% in the first ten years and then earns an effective annual interest rate i
1) An account earns an effective annual interest rate = 2% in the first ten years and then earns an effective annual interest rate i = 4% in the next ten years. Suppose you make an initial deposit of $2,000, make a withdrawal of $X at the end of the 3rd year, make a withdrawal of $300 at the end of the 10th year, and make a withdrawal of $1, 250 at the end of the 13th year (no other deposits/withdrawals are made). For any withdrawal, there is a 3% fee on the amount withdrawn. Find X if you have $200 in the account at the end of the 20 years. 1) An account earns an effective annual interest rate = 2% in the first ten years and then earns an effective annual interest rate i = 4% in the next ten years. Suppose you make an initial deposit of $2,000, make a withdrawal of $X at the end of the 3rd year, make a withdrawal of $300 at the end of the 10th year, and make a withdrawal of $1, 250 at the end of the 13th year (no other deposits/withdrawals are made). For any withdrawal, there is a 3% fee on the amount withdrawn. Find X if you have $200 in the account at the end of the 20 years
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