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Suppose, Samy wants to complete his four-years graduation, ending of each year he will require $20,000. For funding his graduation cost, he is going to
Suppose, Samy wants to complete his four-years graduation, ending of each year he will require $20,000. For funding his graduation cost, he is going to deposit money in a bank at 12% interest, compounded quarterly. The sum is sufficient to provide the four payments of $20,000 each and his deposit is made today. I. How much will be in the account immediately after he makes the third withdrawal? II. Draw the timeline to illustrate the above situation
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