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On the first day of every January, April, July and October, Smith deposits 100 in an account earning i^(4) = .16. He continues to make
On the first day of every January, April, July and October, Smith deposits 100 in an account earning i^(4) = .16. He continues to make deposits until he accumulates a sufficient balance to begin withdrawals of 200 every 3 months, starting 3 monthly after the final deposit, such that he can make twice as many withdrawals as he made deposits. How many deposits are needed?
I cannot figure out this question for the life of me. I worked it out and got a negative n value. answer in the back of the book is 26. here is my attempt:
2.29 On the first day of every January, April, July and October Smith deposits until he accumulates a sufficient balance to beg drawals of 200 every 3 months, star deposits 100 in an account earning 6. He continues the the in with ting 3 months after the final e to deposit, such that he can make twice as many withdrawals as he made deposits. How many deposits are needed
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