Question
Mark opens a retirement account that pays 8%/ year/month . for the next 30 years he deposits $300 per month into it , with all
Mark opens a retirement account that pays 8%/ year/month . for the next 30 years he deposits $300 per month into it , with all deposits occuring at the end of the month. on the day of the last deposit , wei min retires . as a benefit to retirees , the bank increases the interest rate to 12%/year/quarter from that time on . his first withdrawal will occur exactly 2 years after his last deposit. he then plans to make equal quarterly withdrawals from the account . a)what is the balance of the account immediately after the last monthly deposit b) what is the balance of the account one quarter before the first quartely withdrawl ? c) what quarterly amounts can be withdrawn to last for 15years ?
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