Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone please answer both please Derek currently has $10,300.00 in an account that pays 4.00%. He will withdraw $5,840.00 every other year beginning next

image text in transcribedcan someone please answer both please

Derek currently has $10,300.00 in an account that pays 4.00%. He will withdraw $5,840.00 every other year beginning next year until he has taken 4.00 withdrawals. He will deposit $10300.0 every other year beginning two years from today until he has made 4.0 deposits. How much will be in the account 22.00 years from today? Attempts Remair Answer format: Currency: Round to: 2 decimal places. Derek can deposit $272.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,570.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Attempts Remair

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Estimating Economic Models

Authors: Atsushi Maki

1st Edition

0415589878, 978-0415589871

More Books

Students also viewed these Finance questions

Question

Figure 6.4 shows metamorphic zones

Answered: 1 week ago