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Suppose you have deposited $5,000 in your high-yield saving account today. The savings account pays an annual interest rate of 5%, compounded semi-annually. Two years
Suppose you have deposited $5,000 in your high-yield saving account today. The savings account pays an annual interest rate of 5%, compounded semi-annually. Two years from today you will withdraw X dollars. You will continue to make additional withdraws of X dollars every 6 months, until you have a zero balance after your last withdrawal 5 years from now.
Find X.
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To find the value of X well use the formula for compound interest considering semiannual compound...
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Complex Variables and Applications
Authors: James Brown, Ruel Churchill
8th edition
73051942, 978-0073051949
