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On June 30, 2005, Smith deposits 1,000,000 in an account earning (12) = 0.12, with interest credited on the last day of each month. She
On June 30, 2005, Smith deposits 1,000,000 in an account earning (12) = 0.12, with interest credited on the last day of each month. She makes withdrawals from the account on the last day of each month (just after interested is credited) starting July 31, 2005. The first withdrawal is 2500 and each subsequent withdrawal is 2% larger than the previous one. The increasing withdrawals continue for as long as possible, with a smaller final withdrawal which exhausts the account one month after the last regular increasing withdrawal. A. (10 points) Find the date and the amount of the final smaller withdrawal. B. (5 points) Find the total of all amounts withdrawn. C. (5 points) Find the amount of interest credited to the account from the time of the initial deposit until the account is exhausted
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