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How much money will be left in the account after withdrawal

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Reference no: EM132772024

Problem 1: At the end of December 2017, George made a one-time deposit of $175,000 into an account. Then he withdrew $6,000 from the account at the end of every month, with the first withdrawal at the end of January 2018. How much money will be left in the account after his withdrawal at the end of December 2019 (there were a total of 24 withdrawals)? The account used to earn interest at an annual rate of 8.4 percent compounded monthly.

Reference no: EM132772024

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