Bank account that pays you five percent interest annually

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Reference no: EM131577889

1. You currently have $20000.00 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?

2. You currently have $39471.00 in an account that pays 5 percent interest. You plan to deposit in this account $3581 at the end of each year until the account reaches $124578. How long would that take? Enter your answer with 4 decimals (e.g. 5.1234).

Reference no: EM131577889

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