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Arnold deposited a monthly amount of $25,000 for a period of 10 years at an interest rate of 8%. Starting the first month of the
Arnold deposited a monthly amount of $25,000 for a period of 10 years at an interest rate of 8%. Starting the first month of the 12th year he started to withdraw an amount of $20,000.00 per month until the end of the 15th year. At the 16th year, because of health emergency, he opted to withdraw an amount of $200,000.00. Calculate the available fund in his account 5 years from the last withdrawal.
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