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Determining the additional deposits

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A man inherited $6,000 which he deposited in a bank on January 1st 1975. Interest on the amount in the bank was added at the end of each year at 6 ½%. The man withdrew $500 on January 1 st 1976, 1977 and 1978 but made no additional deposits. How much had he to his credit on January 1 st 1980 when interest for 1979 had been added?

Reference no: EM131089627

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