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Uriah Heep celebrated his 18th birthday by opening a savings account at the Thames River Bank and depositing $3,000. He continued to deposit the same amount on every subsequent birthday until he was 32 years old. After depositing $3,000 on his 32nd birthday Uriah decided to abandon his savings plan. He never saved again, but he left the accumulated savings in the bank account. The bank paid an interest rate of 11%. When Uriah turned 65, he withdrew the money from the bank.
Question 1: What was the amount of his withdrawal?
Question 2: What was the amount of Uriah's withdrawal when he turned 65?
Financial Statement Analysis and Preparation
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