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

Reference no: EM13302349

Mr. Smith has saved $1,200 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7,500 each year for a period of five years. In the sixth and seventh years, he only withdrew $4,500 per year. In the eight year, he decided to withdraw the remaining money in his account. If the interest rate was 8% per year throughout the whole period, what was the amount he withdrew at the end of the eight year?

Reference no: EM13302349

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