It can be 6:3 because:
72:24
6:2 (LCM of both of these numbers)
Answer:
-44
Step-by-step explanation:
Like this variation of the problem! :)
We calculate the future value of the 6 annual deposits of $1500 at 8%:
F=1500(1.08^6-1)/(0.08)=11003.89
Since the last payment is due on the day of withdrawal, he would have paid $1500 to get back $11003.89, i.e. with an excess of 1003.89.
Therefore his last payment is 1500-1003.89=$496.11
