Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Luke deposited $ 4 5 0 0 into a savings account that earns 6 . 0 0 % annually but is compounded 2 times per

Luke deposited $4500 into a savings account that earns 6.00% annually but is compounded 2 times per year. He plans to leave the funds in the accounts for 5.50 years.
However, at the end of 1.50 years, Luke has to withdraw $800. What amount will be in the account at the end of the original 5.50 years
$
Do not use dollar signs or commas in your answer. Include two decimals in your answer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance An Integrated Approach

Authors: Bernard J. Winger

4th Edition

0198520972, 9780132696302

More Books

Students also viewed these Finance questions

Question

What do you plan on doing upon receiving your graduate degree?

Answered: 1 week ago