1. Now, assume that at the end of 8 years you take out $65,000 from the account. What is the account balance at the end of 15 years?

The amount in the beggining account is 916206.92

You have a sub-contracting job with a local manufacturing firm. You receive end-of-year payments of $30,000/year for next 15 years. You deposit all that money in a bank that pays interest at 9.5%.

(a) What will be your balance at the end of 15 years?

(b) Now, assume that at the end of 8 years you take out $65,000 from the account. What is the account balance at the end of 15 years?