How much remains in the account after the last withdrawal

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Reference no: EM131807538

A series of monthly cash flows is deposited into an account that earns 12% nominal interest compounded monthly. Each monthly deposit is equal to $2100. The first monthly deposit occurred on June 1, 2008 and the last monthly deposit will be on January 1, 2015. 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 $5000 and occurred on October 1, 2008. The last $5000 withdrawal will occur on January 1, 2015. How much remains in the account after the last withdrawal?

Reference no: EM131807538

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