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Leo has $4000 in his bank account today earning interest at 4.8% p.a. compounded monthly. He plans to withdraw $400 per month starting in one
Leo has $4000 in his bank account today earning interest at 4.8% p.a. compounded monthly. He plans to withdraw $400 per month starting in one month. Immediately after the 7th withdrawal, the account balance is $X. Which of the following equations can be used to find X? (There may be more than one correct answer. You will lose marks by choosing a wrong answer. The minimum mark for the question is zero.) a. 400 4000 = (1 1.004 0.004 400 4000 = (1 1.004 0.004 b. C. None of the equations can be used to find X. d. e. 400 4000 = (1.0047 1 0.004 400 4000 = (1.0047 1 0.004 400 4000(1.004) (1. 0.004 f. int today earning d monthly. He plans to ig in one month. awal, the account wing equations can be ore than one correct hoosing a wrong the question is zero.) 0 (1 1.004-7) + X(1.004)-7 14 ) (1 1.004-7) + X 4 an be used to find X. ) -(1.0047 1) + X 4 ) 5 (1.004 (1.0047 1) + X(1.004)-7 7 400 (1.0047 1) + X 0.004
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