A series of monthly cash flows is deposited into an account

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A series of monthly cash flows is deposited into an account that earns 12% nominal interest compounded monthly. Each monthly deposit is equal to $2,100. The first monthly deposit occurred on August 1, 2010 and the last monthly deposit will be on March 1, 2017. The account (the series of monthly deposits, 12% nominal interest, and monthly compounding) also has equivalent quarterly withdrawals from it. The first quarterly withdrawal is equal to $5,000 and occurred on December 1, 2010. The last $5,000 withdrawal will occur on March 1, 2017.

Reference no: EM13376966

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