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An engineer opens a savings account on January 1st, 2020 with a principal of $10000, then withdraws $500 on the 10th day of every month
An engineer opens a savings account on January 1st, 2020 with a principal of $10000, then withdraws $500 on the 10th day of every month and deposits $1000 on the 25th day of every month. Calculate the terminal balance of the account on July 1st, 2021, assuming that the interest compounds quarterly (every three months) with nominal interest rate 10% per year. Choose the closest value to your answer. A $21098.69 B$21486.13 $20432.98 D $20063.13 E $20817.24
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