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36. Suppose today is July 1, 2010, and you deposit $2,000 into an account today. Then you deposit $1,000 into the same account on each
36. Suppose today is July 1, 2010, and you deposit $2,000 into an account today. Then you deposit $1,000 into the same account on each July 1, beginning in 2011 and continuing until the last $1,000 deposit is made on July 1, 2016. Also, assume that you withdraw $3,000 on July 1, 2018. Assuming a 7 percent annual compound inter- est rate, what will be the balance in the account at the close of business on July 1, 2020
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