Question
Joel opens a savings account on January 1, 2003 with a deposit of 100 dollars, continues to make deposits of the same amount at the
Joel opens a savings account on January 1, 2003 with a deposit of 100 dollars, continues to make deposits of the same amount at the beginning of each year until January 1, 2011, when she will make the final deposit. Assume the account pays a nominal rate of interest of 10 percent compounded annually. (a) What is the amount in her account on January 1, 2011 after the deposit? (b) How much is in her account on January 1 2013? (c) Suppose she withdraws cash of 50 dollars on Jan 1 2014, deposits 200 dollars on Jan 1 2015 and again withdraws 150 dollars on Jan 1 2016. What will be her account balance on Jan 1 2018? Assume she didn't make any transactions in the meantime
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