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Please help me with number 3 & 4 3 Derek currently has $10,493.00 in an account that pays 4.00%. He will withdraw $5,683.00 every other
Please help me with number 3 & 4
3 Derek currently has $10,493.00 in an account that pays 4.00%. He will withdraw $5,683.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $10493.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 23.00 years from today? Submit Answer format: Currency: Round to: 2 decimal places. 4 Derek can deposit $265.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 15.00% and compounds interest monthly, Derek can deposit $2,427.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434) Step by Step Solution
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