Anna has $38,654 in a savings account that pays 2.3 percent interest. Assume she withdraws $10,000 today and another $10,000 one year from today. If she waits and withdraws the remaining entire balance four years from today, what will be the amount of that withdrawal

$20,676.53

Explanation:

The qeustion is to determine Future Value of the withdrawal Anna will make in 4 years

Amount in Savings - Amount Withdrawn today) x 1 + rate - Amount to be withdrawn a year from today ) x 1 + rate ∧3 years

$38,654 - $10,000 x 1.023

= $28,564 x 1.023

= 29,313.042‬- 10,000 =

19,313.042 x 1.023 ∧3

=19,313.042x 1.070599167

$20,676.53

This means that after withdrawing $10,000 to day and another $10,000 one year form today, from Anna's initial savings of $38,654, she will be able to withdraw her entire balance of $20,676.53 in 4 years time.

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