Solution-How much will be available in the account on my

How much will be available in the account on my daughter

Reference no: EM132038862

On my daughter's date of birth, I start depositing $350 at the end of every month into a bank account. The account earns 4.5% interest compounded monthly.

(a) How much will be available in the account on my daughter's 18th birthday?

(b) At that time, she will start making withdrawals at the beginning of each month for the next 5 years, eventually depleting the account. What is the size of each withdrawal?

Reference no: EM132038862

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How much will be available in the account on my daughter

Reference no: EM132038862

Reference no: EM132038862

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