Mathematics, 28.10.2019 13:31 andy2461
Seth has a bank account which pays 1.01% interest, compounded quarterly. seth withdraws $4,567 from the account every quarter for 35 years. assuming that seth does not make any deposits into this account and that the withdrawals occur at the end of every quarter, find the initial value of the account, rounded to the nearest cent.
a.
$765,824.68
b.
$767,758.39
c.
$538,021.66
d.
$539,380.16
select the best answer from the choices provided
a
b
c
d
Answers: 2
; where A is the initial value, P is the periodic withdrawal, r is the rate, t is the number of compounding in a year, n is the number of years.
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Seth has a bank account which pays 1.01% interest, compounded quarterly. seth withdraws $4,567 from...
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