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Here's the question. I didn't know how to solve it as in the FM calculator there are only up to 5 cash flows (CF5), but
Here's the question. I didn't know how to solve it as in the FM calculator there are only up to 5 cash flows (CF5), but this question has more around 9 cash flows.
(11) Five annual amounts of $1,000 are deposited into a bank account starting today, and five annual amounts of $500 are withdrawn from the same bank account starting 6 months from now. If the bank pays 6% annual interest with monthly compounding, what balance will the bank account have at the end of 5 years? (A) (B) (C) (D) (E) $2,120.85 $2,838.17 $2,982.64 $3,090.95 $3,176.85Step by Step Solution
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