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Hi, I am having trouble with this problem. Could you please help me using formulas? Betty deposits $5,000 now and deposits $3,000 after 1 year
Hi, I am having trouble with this problem. Could you please help me using formulas?
Betty deposits $5,000 now and deposits $3,000 after 1 year and deposits $2,000 after 2 years. 3 years after the initial deposit her account balance is $12, 713.74. Bob deposits $8,000 now and withdraws $2, 500 after 1 year and deposits $1,000 after 2 years. 3 years after his initial deposit his account balance is $8, 895.17. Bertha deposits $6,000 now and withdraws $1, 500 after 1 year and withdraws $3,000 after 2 years. 3 years after her initial deposit her account balance is $2, 815.89. If the continuous rates per annum are R_1 for the first year, R_2 for the second year, and R_3 for the third year then algebraically find these three unknown rates. Your final answers should be correct to 2 places after the decimal pointStep by Step Solution
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