What rate would the balance grow from year to year

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Reference no: EM131457809

Assume you have put $1,000 in a savings account at 10% annually compounded interest.

a. How much could you take out each year and still have the original $1,000 in the account?

b. If you left half of the interest earnings in the account, at what rate would the balance grow from year to year?

c. If you took out 80% of the interest earnings in the account, at what rate would the balance grow each year?

Reference no: EM131457809

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