Question
A person has money withdrawn from his savings account to be placed in his checking account at a continuous basis. This is at a rate
A person has money withdrawn from his savings account to be placed in his checking account at a continuous basis. This is at a rate of $10000 a year. The person started with $20,000 placed in his Savings account that has a 5% interest. How much will be in the savings account after one year.
Use the equation (Change In Money) = Money * Interest Rate * Change in Time.
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
