Answered step by step
Verified Expert Solution
Question
1 Approved Answer
23 Derek currently has $14,020.00 in an account that pays 5.00%. He will withdraw $5,194.00 every other year beginning next year until he has taken
23 Derek currently has $14,020.00 in an account that pays 5.00%. He will withdraw $5,194.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $14020.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 29.00 years from today? Submit Answer format: Currency: Round to: 2 decimal places. Derek can deposit $224.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,429.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0 092434))
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started