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You deposit $ 1 , 0 0 0 , 0 0 0 into a bank account that pays you 4 % annual rate compounded annually.

You deposit $1,000,000 into a bank account that pays you 4% annual rate
compounded annually.
a)(1 point) How much money you will have in your account in 1 year? Round your answer to
the nearest dollar
b)(1 point) How much money you will have in your account in 5 years
c)(1 point) How soon your balance will grow to $1,500,000(keep at least 2 decimal digits)
d)(2 points) Assume you withdraw $X from your account each year starting next year. After you
made your 20th withdrawal, there is nothing left in your account. Find X.

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