Question
In the process of saving some money for my kids college I plan to make six annual deposits of $4000 into a secret savings account
In the process of saving some money for my kids college I plan to make six annual deposits of $4000 into a secret savings account that pays an interest of 4% compounded annually. Two years after making the last deposit the interestrate increases to 7% compounded annually. Twelve years after the last deposit, the accumulated money is taken out for the first time to pay for his tuition. How much is withdrawn?
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Cost Management Accounting And Control
Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan
6th Edition
324559674, 978-0324559675
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