20 Jul WHAT WAS THE AMOUNT HE WITHDREW AT THE END OF THE EIGHTH YEAR?
Mr Smith has saved $1800 each year for 20 years. A year after the saving period ended Mr Smith with Show more Mr Smith has saved $1800 each year for 20 years. A year after the saving period ended Mr Smith withdrew $7500 each year for a period of 5 years. In the sixth and seventh years he only withdrew $5000 per year. In the eighth year he decided to withdraw the remaining money in his account. If the interest rate was 6% per year throughout the whole period What was the amount he withdrew at the end of the eighth year?( Show complete steps and also show Cash flow diagram) Show less
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