A person deposits $2000 in an account each year for five years (starting at the end of year one). At the end of the fifth year, one-half of the account balance is withdrawn; $4000 is deposited annually for five more years (starting in the 6th year), with the total balance withdrawn at the end of the fifteenth year. There are no additional payments in years 11-15.

PART 1.) If the account earns interest at the rate of 5% per year, how much is withdrawn at the end of five years?

PART 2.) If the account continues to earn interest at the rate of 5% per year, how much is withdrawn at the end of 15 years?

Show all formulas