Q3) An Engineer deposited $12,000 in a bank saving account that pays 3% per quarter. (30 marks)
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Q3) An Engineer deposited $12,000 in a bank saving account that pays 3% per quarter. (30 marks) At time to an engineer deposited $200,000 into an account that pays interest at 11.99526% per year compounded weekly. The Engineer started by withdrawing $1000 in month 6, $1500 in month 7, $2000 in month 8....and so on for 2 years: a. Draw the cash flow diagram. b. What is the remaining balance at the end of the three years? Find the effective yearly and effective monthly interest rates? (Note: the month includes 4 weeks, the year includes 48 weeks) make approximation without interpolation c
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