Question

Derek currently has $13,758.00 in an account that pays 6.00%. He will withdraw $5,009.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $13758.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 29.00 years from today? Submit Attempts Rem Answer format: Currency Round to: 2 decimal places.

Answer 1

sol Let us assume beginning date as 1st Jan 2020 Information given in the question Currentr Balance in the account Rate of return Withdrawal Starting Amount of Withdrawal No of withdrawals Deposits Starting (two years from today) Amount of Deposit No of Deposits $ 13,758 6% 1st Jan 2021 $ 5,009.00 1st Jan 2022 $ 13,758.00 Credit Debit $13,758.00 $ 825.48 Account Balance after 20 years Date Transaction Description 1-Jan-20 Opening balance 31-Dec-20 Interest 1-Jan-21 Withdrawal 31-Dec-21 Interest 1-Jan-22 Deposit 1-Jan-22 Withdrawal 31-Dec-22 Interest $ 5,009.00 Closing balance 13,758 $ 14,583 $ 9,574 10,149 23,907 $ 18,898 20,032 $ 574.47 $13,758.00 $ 5,009.00 $ 1,133.88

$ 13,758.00 $ 5,009.00 $ $ 1,726.85 $13,758.00 $ 5,009.00 $ $ $ 2,355.40 $ 13,758.00 s $ 5,009.00 $ $ $ 3,021.66 $13,758.00 $ 5,009.00 $ 1-Jan-23 Deposit 1-Jan-23 Withdrawal 31-Dec-23 Interest 1-Jan-24 Deposit 1-Jan-24 Withdrawal 31-Dec-24 Interest 1-Jan-25 Deposit 1-Jan-25 Withdrawal 31-Dec-25 Interest 1-Jan-26 Deposit 1-Jan-26 Withdrawal 31-Dec-26 Interest 1-Jan-27 Deposit 1-Jan-27 Withdrawal 31-Dec-27 Interest 1-Jan-28 Deposit 1-Jan-28 Withdrawal 31-Dec-28 Interest 1-Jan-29 Deposit 31-Dec-29 Interest 31-Dec-30 Interest 31-Dec-31 Interest 31-Dec-32 Interest $ 3,727.90 $ 13,758.00 33,790 28,781 30,508 44,266 39,257 41,612 55,370 50,361 53,383 67,141 62,132 65,860 79,618 74,609 79,085 92,843 87,834 93,104 106,862 113,274 120,070 127,275 134,911 $ 5,009.00 $ s $ 4,476.52 $ 13,758.00 $ 5,009.00 $ s $ $ 5,270.05 $ 13,758.00 $ 6,411.73 $ 6,796.44 $ 7,204.22 $ 7,636.48 $ $ $

31-Dec-33 Interest 31-Dec-34 Interest 31-Dec-35 Interest 31-Dec-36 Interest 31-Dec-37 Interest 31-Dec-38 Interest 31-Dec-39 Interest 31-Dec-40 Interest 31-Dec-41 Interest 31-Dec-42 Interest 31-Dec-43 Interest 31-Dec-44 Interest 31-Dec-45 Interest 31-Dec-46 Interest 31-Dec-47 Interest 31-Dec-48 Interest 31-Dec-49 Interest $ 8,094.66 $ 8,580.34 $ 9,095.17 $ 9,640.88 $ 10,219.33 $ 10,832.49 $ 11,482.44 $ 12,171.38 $ 12,901.67 $ 13,675.77 $ 14,496.31 $ 15,366.09 $ 16,288.06 $ 17,265.34 $18,301.26 $ 19,399.34 $ 20,563.30 143,006 151,586 160,681 170,322 180,541 191,374 202,856 215,028 227,929 241,605 256,102 271,468 287,756 305,021 323,322 342,722 363,285 S 262 205

Notes Interest will be calculated at the end of every year at a rate of 6% on the balance at the beginning of the period added to balance available. 39,256.68 1-Jan-24 Balance in the account after transactions $ Interest cal as on Dec 24 is as below =39256.68*6% $ 2,355.40