What was the amount he withdrew at the end of eighth year

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Mr Smith has saved $1800 each year for 20 years. A year after the saving period ended, Mr Smith withdrew $7500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5000 per year. In the eighth year, he decided to withdraw the remaining money in his account. If the interest rate was 6% per year throughout the whole period, what was the amount he withdrew at the end of the eighth year?( Show complete steps and also show Cash flow diagram)

Reference no: EM13998666

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