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How much remains in the account after the last withdrawal

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Reference no: EM13702354

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 July 1, 2013 and the last monthly deposit will be on February 1, 2020. 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 November 1, 2013. The last $5,000 withdrawal will occur on February 1, 2020. How much remains in the account after the last withdrawal?

Reference no: EM13702354

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