Question #189726

a man deposit 2000 in a bank today at a rate of 4% per annum. after 2 years he deposit another 4,000 in five years, he wil withdraw 6000, how much money does he have on the 6th year


Expert's answer

Compounding the investment today will inform the future value of the investment.







Hence the balance on 6th year will be $970.07




Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Place free inquiry
Calculate the price
Learn more about our help with Assignments: Finance
Our fields of expertise
Submit Your Assignment. We Can Do It.
LATEST TUTORIALS
APPROVED BY CLIENTS
Finding a professional expert in "partial differential equations" in the advanced level is difficult. You can find this expert in "Assignmentexpert.com" with confidence. Exceptional experts! I appreciate your help. God bless you!
Canada #340153 on Dec 2023