Question
You have made quarterly deposits of $Y each into an investment account. The last deposit was seven months ago. The first deposit was ten years
You have made quarterly deposits of $Y each into an investment account. The last deposit was seven months ago. The first deposit was ten years and four months ago. The account has paid 4.7% per annum compounded continuously. Beginning today, the account will pay interest at the rate of 5.1% per annum compounded monthly. You plan to make several equal semi-annual withdrawals of $125,000 each with the first thirteen months from today and the last eleven years and seven months from today. At the last withdrawal, your account balance is zero
Required: What was your account balance three years and eight months ago?
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