Business, 11.02.2022 06:50 Joshua10687
A series of monthly cash flows is deposited into an account that earns 12% nominal interest compounded monthly. Each monthly deposit is equal to $2,100. The first monthly deposit occurred on June 1, 2008 and the last monthly deposit will be on January 1, 2015. The account (the series of monthly deposits, 12% nominal interest, and monthly compounding) also has equivalent quarterly withdrawals from it. The first quarterly withdrawal is equal to $5,000 and occurred on October 1, 2008. The last $5,000 withdrawal will occur on January 1, 2015. How much remains in the account after the last withdrawal?
a) $103,500
b) $115,890
c) $126,370
d) $136,248
Answers: 2
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