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Is this all right ? 5. Harry makes half yearly deposits of $2,400 in to a savings account starting in 6 months. He also makes
Is this all right ?
5. Harry makes half yearly deposits of $2,400 in to a savings account starting in 6 months. He also makes yearly withdrawals of $3,000 from the same bank account at the end of each year. The bank pays interest at 4% pa. compounding half yearly. How much is left in the savings account at the end of 5 years? (Correct to the nearest cent.) (3 marks) 2400 2qoo 2400 20) Syea EAR- Ct + )-1 = 0.0409 Fv 2400 0.02 2xS (c1+ 300 0 0.02 2400 0,02 (DI 0 0o0 040 Step by Step Solution
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