At the end of each of the following five years, Eason is going to withdraw $30,000 from an investment account that pays interest

Question

3 years ago

6

At the end of each of the following five years, Eason is going to withdraw $30,000 from an investment account that pays interest

at a rate of 8% compounded annually. How much must there be in the investment account today in order for his account to reduce to a balance of zero after the last withdrawal? Show all your calculations.

Mathematics

1 answer:

Sophie [7] · Answer 1 · 2022-10-09T01:10:15+03:00

Sophie [7]3 years ago

5 0

Answer:

3,000×0.8.×5

12000+3000 = 15000