Question
The accompanying table,Data table Date Deposit (Withdrawal) Date Deposit (Withdrawal) 1/1/20 $8,000 1/1/22 $3,272 1/1/21 $(6,540) 1/1/23 $5,255 (Click on the icon located on the
The accompanying table,Data table
Date | Deposit (Withdrawal) | Date | Deposit (Withdrawal) | |
1/1/20 | $8,000 | 1/1/22 | $3,272 | |
1/1/21 | $(6,540) | 1/1/23 | $5,255 | |
(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) |
shows a series of transactions in a savings account. The account pays % simple interest, and the account owner withdraws interest as soon as it is paid. Calculate the following: a. The account balance at the end of each year. (Assume that the account balance at December 31, 2019, is zero.) b. The interest earned each year. c. The true rate of interest that the investor earns in this account.
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