Question
Please help with these two problems! 1. Derek currently has $11,509.00 in an account that pays 5.00%. He will withdraw $5,918.00 every other year beginning
Please help with these two problems!
1. Derek currently has $11,509.00 in an account that pays 5.00%. He will withdraw $5,918.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $11509.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 30.00 years from today?
Answer Format: Currency: Round to: 2 decimal places.
2. Derek can deposit $277.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly. Derek can deposit $2,504.00 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?
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))
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